Renowned analyst Justin Bennett believes Ethereum (ETH) is preparing for a major rally that could rebound nearly 400% from current prices.

In a series of tweets, Bennett explained how Ethereum could rise to $ 20,000 by January 2022 if Bitcoin (BTC) offers ideal market conditions.

“If BTC breaks above $ 65,000 without a sharp correction, ETH could break the downtrend line formed since May.

It could then start a new uptrend with a target of $ 20,000 in January. “

Weekly ETH / USDT Chart | The source: Justin Bennett / Twitter

Bennett believes ETH could hit a new ATH at $ 20,000 as too many traders are asking for an ATH at $ 10,000. He believes that most traders underestimate the inflow of capital during the asset’s parabolic rise.

That’s one reason I think $ 20,000 will happen.

Every time I post this chart I get multiple comments from people telling me ETH is at $ 10,000.

Parabolic movements usually last longer and drive prices higher than most expect.

We will see.

– Justin Bennett (@JustinBennettFX) October 19, 2021

“That’s one reason I think ETH will reach $ 20,000.

Every time I post this chart I get a lot of comments from people saying that ETH will peak at $ 10,000.

Parabolic movements tend to take longer and drive prices higher than most people would expect.

Time will answer “.

Despite his optimistic thesis, Bennett did warning Traders with potential short-term dumping could wipe out over-indebted traders.

“Don’t be surprised if Bitcoin drops this week, it will likely drop to $ 53,000.

Everyone, including me, is very optimistic at the moment and rightly so. But then it usually comes to liquidation.

Sunday’s low of $ 58,900 will be the sticking point. “

In response to another analyst’s bullish hypothesis, Bennett also offered his outlook on market cycles. He expects Bitcoin to hit a new ATH between $ 207,000 and $ 270,000, after which there will be an 80 percent correction.

Agree to all items except 1, 4 and 8.

First) $ BTC ATH is likely to last longer than most expect
4) Fibs point to $ 207,000 – $ 270,000
8) $ 50,000 – $ 60,000 bear market low

To point 8, decreasing corrections for a maturing market. 94%, 87% and 84% far in order. Probably 80% next.

– Justin Bennett (@JustinBennettFX) October 19, 2021

You can see the ETH price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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