Justin Bennett Plots Scenarios Where Bitcoin And VeChain Are Heading Next
A top cryptocurrency analyst and trader Justin Bennett lays out path how Bitcoin (BTC) and VeChain (VET) could come out of their corrective phase and restart the bull run.
Bitcoin (BTC)
Bennett shared with his 95K Twitter followers on Twitter that Bitcoin could form a double bottom, if it retested the December 4 lows close to $40K, and then would leap above $60K.
“I’d still like to see BTC fill that Dec. 4th wick.
Maybe something like this…”
I'd still like to see $BTC fill that Dec. 4th wick.
Bennett explains in a recent video, why he’s still bullish on Bitcoin even if it would fall below $40,000 level.
“So basically the two scenarios where I’d be a buyer would be a retest of $40,000 down here or a reclaim of $53,000. I’ve not opposed to the idea of a move below $40,000. I know a lot of people are saying if Bitcoin drops below $40,000 it’s very bearish. I don’t necessarily believe that just because, yes we would lose this low, and you want to see higher highs and higher lows.
I get that. You wouldn’t want to see the market close below $40,000. However, even if we get a retest of $35,000, you have to understand that back here too (early 2021), you could have said the same thing.”
According to the analyst, Bitcoin touched lower highs and lower lows between April and May 2021, but remained bullish in the long term.
“But instead, we got a new all-time high. So clearly, that wasn’t the case. And to me, I see $40,000 as a very similar situation.”
VeChain (VET)
Bennett is also looking into supply chain-focused blockchain VeChain (VET), which be believes could reverse its trend after bouncing up at the $0.08 level, where according to him a long ascending trend line sits.
“Typically, you need some type of technical catalyst, and for me, that would be a test of this trend line. So it would be seeing VET come back here towards this area, test it as support, and then we get that move higher in 2022. Without that, we really don’t have that hard reset that we would need to see higher prices next year.”
