A top crypto analyst has put forward a scenario where Bitcoin (BTC) could rise by around 50%.
Crypto analyst Justin Bennett told 11,100 YouTube subscribers that if Bitcoin price rises above $24,200, the next target is $26,500.
“Now, if we break above $23,450 and $24,200, the next area of resistance for Bitcoin will be around $25,000.
Around $25,400, then around $26,000 mid-$26,500.”
Bennett adds that after breaking above $26,500, Bitcoin must surpass the $30,000 level to gain about 46% from the current price and hit the next $38,000 target.
“If we can see Bitcoin regain those two levels I mentioned and start to rise higher in the coming days, here are two key areas that I will be watching over the coming weeks.
Now, the first one comes in around $30,000 and that’s because of the consolidation we saw in May… so the $30,000 area will be a huge area for Bitcoin. Above this, we have an area of resistance near $38,000…
But once again Bitcoin must rise above these two levels I mentioned. So 23,450 and also 24,200 on a daily close basis to really confirm the breakout and push the market to these levels.”
Besides, the crypto analyst thinks that the inflation rate in the USA will also play a role in determining the price direction of Bitcoin.
According to Bennett, “lower inflation means less aggressive rate hikes, which means a bullish structure.”
Citing Consumer Price Index data released Wednesday, which showed the U.S. inflation rate fell to 8.5%, Bennett said it could indicate that inflation has peaked.
“It was good to see the CPI lower than predicted today. It wasn’t a great number, but still a better number than we got last time. […] And I think it could set the peak inflation that would mean bullish for the markets…
So if markets believe this is high inflation, it could be bullish for the crypto market as well as the stock market.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.