Crypto Analyst Says Bullish Confirmation Appearing for Bitcoin, Predicts Strong BTC Performance in March

Crypto analyst Justin Bennett says Bitcoin has broken out of a descending channel and is likely ready to rally.

The analyst tells his 98,000 Twitter followers that BTC is posting a bullish confirmation pattern right at the end of the month, taking out the highs of the previous few days.

“BTC bullish confirmation loading. Last day of February, no less.”

Source: Justin Benett/Twitter

Bennett also points out that Bitcoin just witnessed its highest level of volume in seven months, right when it reversed from $34,000, suggesting a strong change in trend.

“The recent BTC 34k low was the highest volume green day on BTCUSDT Binance since late July 2021.

Probably nothing.”

Source: Justin Bennett/Twitter

Bennett says that a daily close above the $39,600 level is key for BTC to ignite the next trend.

“BTC has yet to close above $39,600. That’s the key for a move higher.

Notable events in March include CPI on the 10th and FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine.”

Source: Justin Bennett/Twitter

Bennett has predicted that March will be a bullish month for the top crypto by market cap. Last week, he argued that a BTC rally to $50,000 in March is fully feasible.

“We have two lows down here [$34,700 both in mid-January and this past week]. This is a potential double bottom for the market.

The confirmation for this is not only above $39,600, thats step one. Step two is a close above $46,000. Thats the high from back here [approximately February 11th], so this would be the neckline of the double bottom pattern.