Analyst Justin Bennett Projects A Path For Bitcoin To Rise To $50K

Justin Bennett, a top crypto market analyst, is looking into Bitcoin (BTC) and projects that the leading crypto asset climb up to $50,000 levels in the next few weeks.

In a recent video update, the analyst considers BTC’s latest price action and makes a case that it could be forming a local bottom after support to held at $35,000.

“I want to show you what I’m looking for in March – this potential setup that could have Bitcoin trading up toward the $50,000 area over the next few weeks…

We have two lows down here ($34,700). This is a potential double bottom for the market.

The confirmation for this is not only above $39,600, that’s step one. Step two is a close above $46,000. That’s the high from back here (~February 11th), so this would be the neckline of the double bottom pattern.”

In order for Bennett’s scenario to happen, he identifies two key levels, which BTC should reclaim in order to move up to $50,000 levels.

“We need to see a daily close above $39,600. Also a daily close above $46,000 area.

That will expose this area between $50,000 and $53,000. This has been a key level on the chart for the past few months.”

At the time of writing, BTC trades at $39,091, below the first key area.