Closely followed crypto analyst Justin Bennett says that Bitcoin (BTC) could once again draw the spotlight on the altcoin market. According to the analyst, we are in the decisive days as BTC.D is positioned in an important support zone. Therefore, Bennett thinks we can hit $80,000 in two weeks, based on his analysis of the 2017 bull cycle.
Bitcoin dominance at strong support level, according to Justin Bennett
Bennett tells his Twitter followers that Bitcoin dominance is at a strong support level, comparing BTC’s market cap to the rest of the crypto market. The analyst also adds that Bitcoin is making an attempt to break through a critical resistance point:
This may be where Bitcoin starts to outpace altcoins for a while. With BTC.D just entering support, it’s no surprise that BTC is moving at a key breakout level at $64,000.
There are 2 critical hurdles in upward movements
The analyst says that if Bitcoin can convincingly secure a spot above $63,700, then the king crypto could gain momentum to ATH levels. Based on the chart below, Bennett thinks that BTC has broken out of a bearish channel:
BTC tests $63,700. If you break above that, we’re back at $67,000 and the ATH level.
2017 bull cycle analyzes
cryptocoin.com Justin Bennett, whose analysis we share with you, says he saw his eye on a fractal from 2017. Fractals are geometric patterns in price movements that sometimes repeat over time. Continuing to follow the 2017 fractal, Bitcoin could reach $80,000 in the next two weeks, according to Bennett. The analyst also expects these levels from November and December:
The 2017 BTC fractal has been correct since June. It is currently showing $80,000 in the next two weeks, followed by a drop to $65,000 in mid-November. Then more than $100,000 in December.
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