Analyst Justin Bennett says a key price level could determine Bitcoin’s fate for the rest of the year.
The strategist said a correction of the $ 40,000 mark seemed logical for the crypto king, and whatever happens after BTC hits that level, it could say a lot.
“A return to the key weekly level of $ 40,000 makes a lot of sense. That doesn’t mean it’s going to happen, but it’s a scenario worth considering. “
Looking at the weekly chart, Bennett indicated that Bitcoin might have a pattern similar to April when it made a local high.
“BTC also bottomed out in July with a week of bullish dips.”
The source: Justin Bennett / Twitter
After the crash, the analyst predicts that BTC will likely rise to critical levels that will determine BTC’s fate for the remaining months of 2021.
“I think the price goes up to $ 39,300. From there, the price could go up to $ 48,000- $ 49,000, which is where it will be decided whether BTC will make a higher high or a lower high … and from there it will set the trend for the remainder of the year. “
Turning to Ethereum, Bennett said it needed a close above a major resistance area to confirm this week’s sharp drop is just a bear trap. Before that happens, the analyst says the $ 3,300 range leaves ETH vulnerable to further corrections.
“ETHUSDT needs a closing price above the $ 3,550-3,700 range to confirm that Tuesday’s sell-off was a bear trap. By then, a close below the support of $ 3,330 will open the door to $ 2,900. “
The source: Justin Bennett
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According to Dailyhodl