Bitcoin (BTC) May Soon Breach the $30K Mark. Another Rally Incoming?
After several American banks, including the Silicon Valley Bank, collapsed in recent days, bitcoin has seen significant growth. Bitcoin has now already risen back to the $25,000 level after it dropped temporarily. The $25.2k level of resistance that Bitcoin is currently battling has not been breached in months. Bitcoin closed the day at about $24.6k on Tuesday–thanks to the rise.
Analyst Justin Bennett is revising his stance on the leading cryptocurrency and after a staggering 35 percent rally in the last few days, the analyst said that Bitcoin might increase in value by more than 20%.
To determine whether “the mind-bending pump that garnered 35% in five days” is ended or if BTC still has room to rise, Bennett provides his updated outlook. If its price action closes above $25,000, he claims Bitcoin might increase to $30,000 in the future.
“ 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 warned and stated that if Bitcoin loses support at the $23,000 mark, BTC may go as low as $21,500. As for the second largest cryptocurrency Ethereum, the analyst predicted that it might reach $2,000 after closing this week above $1,700. Bennet also said that the lower limits of $1,500 and $1,420 come into play if ETH falls below $1,590.
“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.”