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.”
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