Is $30,000 the Next Stop for Bitcoin? Analyst Justin Bennett Updates Crypto Market Outlook Heres His Forecast
Popular analyst Justin Bennett is updating his outlook on Bitcoin (BTC) after the king crypto soared 35% in just five days.
In a new analysis, Bennett says Bitcoin could make a more than 20% run from its current value.
Bennett updates his outlook on Bitcoin to analyze whether the mind-bending pump that garnered 35% in five days is over or if BTC has more room to run.
He says Bitcoin could climb up to $30,000 if its price action sees a close above $25,000.
Tuesdays pullback is clearing out late longs and potentially flushing the liquidity build-up just above $23,000. An aggressive bounce from the $23,000-$23,500 area could send BTC back to $25,200. And a daily close above $25,200 would signal the next leg up toward the $28,000-$30,000 region. But all of that is contingent on a solid bounce from the mid $23,000 area.
Bennett warns that if Bitcoin loses support at the $23,000 level, BTC could see a dip all the way down to $21,500.
Alternatively, if BTC starts to lose $23,000 on the higher time frames, we could see a more significant pullback to $21,500.
Bitcoin is worth $24,395 at time of writing.
Looking at Ethereum (ETH), Bennett says the smart contract platform token could soar to $2,000 after achieving a close this week above $1,700. But if ETH dips below $1,590, Bennet says the lower levels of $1,500 and $1,420 are in play.
Although not quite as impressive as Bitcoins rally, Ethereum is up an impressive 15% since Sundays open. ETH is also trading back above the $1,590 key level. However, the bigger test for Ethereum bulls lies at $1,700, as thats the September 2021 trend line I have discussed recently.
A daily close above $1,700 this week would open up the August 2022 high near $2,000. Thats also where the majority of short liquidations end for ETH. Alternatively, a higher time frame close back below $1,590 would open up $1,500 and $1,420.
Ethereum is trading for $1,647 at time of writing.
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This article was originally reported on The Daily Hodl.