Bitcoin Live Price: Expert Analyst Predicts BTC Price to Hit $30,000 In Coming Week
Justin Bennett, a popular cryptocurrency analyst, has updated his outlook on Bitcoin (BTC) following its 35% surge in just five days. According to Bennett, Bitcoin could potentially surge more than 20% from its current value. He analyzed whether the recent “mind-bending pump that garnered 35% in five days” is over or if BTC has more room to run. Bennett believes that Bitcoin could potentially climb up to $30,000 if its price sees a close above $25,000.
Analyzing Bitcoin’s Next Moves
Bennett predicts that Tuesday’s pullback cleared out late longs and potentially flushed the liquidity build-up just above $23,000. He suggests that an aggressive bounce from the $23,000-$23,500 area could send BTC back to $25,200. A daily close above $25,200 would signal the next leg up toward the $28,000-$30,000 region, but this is contingent on a solid bounce from the mid $23,000 area. Bennett warns that if Bitcoin loses support at the $23,000 level, it could potentially dip down to $21,500.
BTC Rises Above $25,000 Momentarily
BTC/USD rallied to an intraday peak of $25,240.62 earlier in the day, breaking out of a key resistance level at the $25,050 zone. This resulted in Bitcoin once again rising above the $25,000 level. At the time of writing, Bitcoin is trading at $24,692, 15% higher than the same point last week. The 14-day relative strength index (RSI) is also at its strongest point since February 20, tracking at 62.54, which is slightly below the resistance point at the 65.00 mark.
Ethereum Could Rise to $2,000, Bennett Suggests
Looking at Ethereum (ETH), Bennett suggests that the smart contract platform token could potentially surge to $2,000 after achieving a close this week above $1,700. However, if ETH dips below $1,590, Bennett suggests that the lower levels of $1,500 and $1,420 are in play. Ethereum is currently trading at $1,650 at the time of writing.
Overall, Bennett’s analysis suggests that the cryptocurrency market is showing signs of bullishness, with Bitcoin and Ethereum showing potential for growth. However, it remains to be seen whether these predictions will hold true. As always, investors are advised to conduct their own research and exercise caution when investing in the volatile crypto market.