Justin Bennett Expects Bitcoin (BTC) To Rally 30% In The Coming Weeks
A prominent crypto market analyst and trader, Justin Bennett, expects Bitcoin (BTC) to launch a sizeable rally in the coming weeks.
In a recent video, Bennett looks into BTC’s historic price charts to identify repeating patterns. Based on this the analyst expects Bitcoin to rally approximately 20-30%.
According to Bennett, during last year, whenever Bitcoin went through a large price dip, it often fell below that point again in the following days or weeks before making a move up. BTC might be in the phase of this process where it’s ready to soar, the analyst points out.
“Ever since early 2021, you can see where we get the low below the liquidation wick, we then get a move higher. Every single time this has occurred. The average move for Bitcoin is about 63%, so if you average out all these moves, it’s about 63%. The smallest one was back here (April), and this was about 27%…
If we use past price action to get an idea of what’s likely here, and we look from the low down here at $40,000… If we did get something like that smallest move around 27%, it would put the market up here right around $50,000, and that would actually make a lot of sense because we know that this area between $50,000 and $53,000 is likely to be significant.”
Source: Justin Bennett
For the time being a lift up to $50,000 and $53,000 is very sensible as a target for a relief rally given that sellers are likely to defend that range as a resistance, Bennett says.
However, Bitcoin will have to break through resistance at $45,600 first, before moving above $50K levels, he notes.
“More consolidation from BTC.
I’m still anticipating a move to $45,600 and potentially $50,000-$53,000 in the next few weeks.”
