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.
“Tuesday’s 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 Bitcoin’s rally, Ethereum is up an impressive 15% since Sunday’s open. ETH is also trading back above the $1,590 key level. However, the bigger test for Ethereum bulls lies at $1,700, as that’s 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. That’s 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.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/PurpleRender
The post Is $30,000 the Next Stop for Bitcoin? Analyst Justin Bennett Updates Crypto Market Outlook – Here’s His Forecast appeared first on The Daily Hodl.
