Justin Bennett Plots Best Case Scenario For Ethereum, Where ETH Soars 700%
A top cryptocurrency analyst and trader, Justin Bennett, is looking into Ethereum’s ‘best case scenario’ which would see ETH appreciate 700% in the next coming months.
Ethereum’s ‘best case scenario’
Bennett tweeted a chart to his 72,000 followers that shows Ethereum ascending pattern channel that started in March 2020.
Looking at the chart, ETH bounced off the bottom near the $2700 level and is now grinding its way up to the channel top. If Ethereum should hold its course in the channel, Ethereum could be trading around the $30,000 level by about May of 2022, trading at the top of Bennett’s ascending channel.
He further explained: “Don’t get me wrong, I’ll take $10,000 all day long. But this is one of the cleanest channels I’ve ever seen. Hard not to pay attention.”
The analyst also pointed out that in order for the channel to hold, BTC should move past $65,000.
“Channels like this don’t guarantee a retest. This is more of a best-case scenario for ETH as long as BTC takes out $65k.”
At the time of writing Ethereum trades at $3,542, with 21% gains on a weekly chart. The move to $30,000 would represent a 747% gain from ETH’s current price.
VeChain (VET)
According to Bennett the altcoin market may be presenting some golden opportunities, as long as Bitcoin maintains its bullish momentum. One in particular he is looking into is decentralized supply chain management platform VeChain (VET), which the analyst says could be set for another leg up.
“VET has had two false breaks since September. However, it reclaimed the April trend line on Tuesday.
As long as $BTC continues to behave, this is the time to load up on altcoins that are lagging, IMO.”
$VET has had two false breaks since September. However, it reclaimed the April trend line on Tuesday.
Bennett also posted a prediction where he targets VET to reach $2.76 by March 2022 – a move that would take the asset 25x up.
Interesting $VET fractal. The market likes the 2.618 Fib extension.
June 2019 – March 2020 extension was 0.24. Very close to the 0.28 April top.
The 2.618 extension of the July 2018 – March 2020 range is $2.76, give or take, aligning with channel resistance in March 2022. pic.twitter.com/Fma9l7whwP
Regarding the number one crypto asset Bitcoin (BTC), Bennett draws a couple of key price levels to keep an eye on. There is one one particular level that BTC must overtake in order to shoot to new price discovery.
“Last hurdle before $60,000+. Needs a close above $54,300 to flip it to support.”
