Justin Bennett, one of the prominent analysts of the cryptocurrency market, made an important warning about Bitcoin’s current price movements and informed investors that the upward trend that the cryptocurrency is currently experiencing may reverse. Bennett’s analysesIt shows that Bitcoin is trading within a distinct ascending channel on the daily chart, with the horizontal resistance of this channel lying around $48,000.
Sharing the graphic analysis, Bennett states that this level is an important resistance point for Bitcoin. On the other hand, the analyst warns that Bitcoin may make a significant correction after reaching this point.
Considering that Bitcoin has already set an end target between $46,000-$48,000, a scenario in which a solid correction could occur after reaching this level seems possible, according to Bennett’s assessments.
“At this stage I’m still looking at $46,000-$48,000 as the end goal. I think we’ll get a good correction from there. “$30,000 is now a level that must be maintained.”NEWS CONTINUES BELOW
Another point that attracts investors’ attention is the level that Bennett highlights in his chart analysis. According to the analyst, a scenario in which Bitcoin could fall below $38,000 after reaching the upward target he has set seems possible.
In addition, Bennett evaluates the performance of Ethereum (ETH), stating that the cryptocurrency has successfully broken the ascending triangle pattern observed on the weekly chart. According to Bennett, this indicates that Ethereum is ready to rise further. The analyst points out ETH’s desire to reach the $2,500 target and emphasizes that $2,100 is an important support level at this point.
“ETH looks like it wants to reach the $2,500 level. “$2,100 is a support that must be protected.”
Bennett’s to the evaluation According to the report, if Ethereum reaches the $2,500 price target, the cryptocurrency is expected to receive a correction at this level. The analyst thinks that following this correction, Ethereum could provide more insight into its future price movements.
You can follow the current price movement here.