Justin Bennett: Bitcoin To Test $40K Support, VeChain Set To Rally
According to Justin Bennett, a prominent cryptocurrency analyst and trader Bitcoin’s pullback might not be over just yet, based on how the market reacted to it. While the BTC finds its way, he predicts a rally for one altcoin.
Bennett shared with his 66K followers on Twitter that he sees Bitcoin to go down to test support at $40,000 before continuing to rise again.
“I doubt the pullback is over. Everything closed below key support on Tuesday. Unless we see markets close back above those levels, I’m thinking BTC revisits $40,000.
It’s a weekly level that has yet to be tested as new support. Lots of [Fibonacci] confluence to support that idea.”
I doubt the pullback is over. Everything closed below key support on Tuesday.
Unless we see markets close back above those levels, I'm thinking $BTC revisits $40,000.
It's a weekly level that has yet to be tested as new support. Lots of Fib confluence to support that idea.
Bennett is also closely following decentralized supply chain management platform VeChain (VET), which he sees going up soon.
VET’s current price action is very similar to its movement from November 2020 and according to the analyst, a retest of $0.08 could trigger it to rally.
VeChain is at the time of writing trading at $0.1241, with 6.45% gains on daily chart according to CoinMarketCap.
“What if?… round two. VET is tracking the November breakout to a T.
If it continues, $0.08 could be the higher low we need. It would likely coincide with a BTC $40,000 retest. Something to keep an eye on. Spot on so far. Even the same 61.8% Fib level.”
What if?… round two. $VET is tracking the November breakout to a T.
If it continues, 0.08 could be the higher low we need.
It would likely coincide with a $BTC $40,000 retest.
