Justin Bennett Is Bullish On Bitcoin As It Breaks Key Resistance
According to a top crypto market analyst Justin Bennett, Bitcoin (BTC) has broken out of a descending channel and is most likely preparing for a rally.
Bennett shared with his 98.5K followers on Twitter that Bitcoin is forming a bullish confirmation pattern as February comes to an end, breaking a key resistance at $40,000, at the time of writing trading at $43,087.
“BTC bullish confirmation loading. Last day of February, no less.”
The analyst also notes that BTC just saw its highest level of volume in seven months, just as it recovered from $34,000 – ‘probably something.’
“The recent BTC 34k low was the highest volume green day on BTCUSDT Binance since late July 2021.
Probably nothing.”
$BTC has yet to close above $39,600. That's the key for a move higher.
Notable events in March include CPI on the 10th and #FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine. #Bitcoinpic.twitter.com/WfJQ9qQA73
According to Bennett, the key here for trend reversal is a daily close above $39,600 level, which at the time of writing has happened.
“BTC has yet to close above $39,600. That’s the key for a move higher.
Notable events in March include CPI on the 10th and FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine.”
$BTC has yet to close above $39,600. That's the key for a move higher.
Notable events in March include CPI on the 10th and #FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine. #Bitcoinpic.twitter.com/WfJQ9qQA73
Bennett earlier projected that the month of March will be a bullish for Bitcoin, saying that a rally to $50,000 is in the books.
“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.”
