Popular crypto analyst and strategist Justin Bennettshared the roadmap of what needs to happen in order for Bitcoin (BTC) to reach the $ 50,000 level again in the coming weeks.
Sharing his views in the “strategy session” he shared on his YouTube channel, Bennett examined the latest price action of BTC and Bitcoin (BTC) He claimed that it may have hit a local bottom after it managed to stay above $35,000.
“I want to show you what he’s looking for in March, in the next few weeks. BTC priceA potential setup that will allow the coin to rise towards the $50,000 levels…
We have two lows here, both in mid-January and last week at $34,700. This could potentially create a double bottom for the market.
Confirmation of this is not just above $39,600, this is only the first step. The second step is a daily close above $46,000. This is the high from here (around February 11), so this will be a level that will form the neckline of the double bottom formation.”
Bennet also talked about two possible key levels if this scenario happens, with the price rising above $50,000.
“We need to see a daily close above $39,600. We also need a close above the $46,000 daily area. These levels will push this area to somewhere between $50,000 and $53,000. This has represented significant levels on the chart over the past few months.”
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.