Cryptocurrency Analyst Warns of Potential Bitcoin Reversal
Cryptocurrency analyst and trader Justin Bennett is cautioning that Bitcoin (BTC) may reverse its uptrend after experiencing another upward move. According to Bennett, Bitcoin could have one more leg up before undergoing a corrective move. He shares a chart showing that Bitcoin is currently trading within a large ascending channel on the daily chart, with the pattern’s resistance level around $48,000. Bennett believes that $46,000-$48,000 is the final target for this leg, after which he expects a significant correction. He emphasizes that $30,000 is a crucial support level that must be maintained.
Ethereum Poised for More Rallies
Bennett also comments on Ethereum (ETH), stating that the second-largest cryptocurrency appears ready for further rallies. He notes that Ethereum has broken out of an ascending triangle pattern on the weekly chart. Bennett predicts that ETH may reach $2,500 and highlights the importance of maintaining support at $2,100. If Ethereum reaches the $2,500 price target, he anticipates a decent correction and possibly a sweep before any further movements.
Hot Take: Potential Correction Ahead for Bitcoin and Ethereum
According to cryptocurrency analyst Justin Bennett, Bitcoin is nearing its final target before a significant correction. Bennett expects Bitcoin to reach $46,000-$48,000 before undergoing the correction, with $30,000 being a crucial support level. Meanwhile, Ethereum is poised for further rallies, with a potential target of $2,500. However, Bennett also anticipates a decent correction if Ethereum reaches this price level. These predictions highlight the need for caution and careful monitoring of both Bitcoin and Ethereum in the coming days.
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