Cryptocurrency trader Justin Bennett shared his predictions on which direction Bitcoin (BTC) and the two altcoins will head in the coming days and weeks.
Starting with Bitcoin, Bennett told 7,820 YouTube subscribers that the first level of resistance the flagship cryptocurrency will face if it continues to rise is $45,600.
According to Bennett, if the $45,600 resistance level becomes a support area, Bitcoin could rise above $50,000.
However, Bennett thinks that if “more bullish scenarios” occur, Bitcoin could rise by over 35% from current levels later in the year.
“If we see Bitcoin rise above $45,600, testing $53,000 or even $50,000 here, this move could create a reverse head and shoulders pattern for us to break above $60,000 this year.”
The cryptocurrency analyst and trader added that he is optimistic about Bitcoin as long as the price stays “above the $40,000 to $42,000 area.”
Commenting on Ethereum next, Bennett thinks that the current resistance level for the second largest cryptocurrency by market cap is around $3,170, while the next one is around $3,600.
“Any return to $3,170 should trigger a bounce, attracting buyers. The next resistance area to watch for Ethereum right now is around $3,600.”
According to Bennett, Ethereum will need to close above the $4,000 level on the weekly chart to confirm the uptrend.
“Now $4,000 will be a big test for Ethereum… In order to rise again, this area [4,000 dolar] He will have to rise above it.”
Ethereum is trading at $3,314 at the time of writing.
Another crypto that Bennett is considering is CRO, the native token of the Crypto.com blockchain. Bennett thinks the CRO must first break above the $0.50 resistance level on the daily chart for a bullish breakout in the short term.
“CRO must rise above $0.50. […] $0.65 will be the next level of resistance above the $0.50 to $0.53 area…
The market needs to climb above $0.50 to $0.53 for the market to rally to $0.65 again. If we see a lower rotation than this area [yaklaşık 0.48 dolar], watch out for this $0.40 support.”
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.