When we look at the last week of the crypto market, we see quite sharp fluctuations. A deep pit with Russia’s invasion of Ukraine, and then a quick exit from this pit with the weakness of the planned sanctions. In this course, the leading role is of course the leader of cryptos. Justin Bennet, a popular crypto analyst, draws a roadmap for how the leading crypto Bitcoin (BTC), which is at $ 39 thousand, can recapture the $ 50 thousand level in the coming weeks. Analyst’s shares cryptocoin.com compiled for our readers.
Justin Bennet: A double bottom has formed for Bitcoin
In a new strategy session, crypto strategist Justin Bennett examines the recent price action of Bitcoin (BTC) and claims that after Bitcoin managed to stay above $35,000, the leading crypto may have made a local bottom:
I want to show you what I was looking for in March. This potential setup that could make Bitcoin trade towards the $50,000 area in the next few weeks…
The popular analyst states that there are two lows on the chart ($34,700 both in mid-January and last week), which he says is a potential double bottom for the market. Justin Bennett continues his analysis:
Confirmation of this is not just above $39,600, this is step one. The second step is a close above $46,000. This is the high from here (around Feb 11), so this will be the neckline of the double bottom pattern.
According to the analyst, key levels for above $ 50 thousand in BTC
The analyst cites two key levels that, if reached, could push Bitcoin above $50,000:
We need to see a daily close above $39,600. It is also a close above the $46,000 daily area. This development will expose this area between $50,000 and $53,000. This has been a significant level on the chart for the past few months.
At the time of writing, Bitcoin was trading at $39,007.8, up 0.38% in the last 24 hours, according to CoinMarketCap data. The leading crypto is 43.41% below its all-time high of $68,789, which it saw 4 months ago.
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