Justin Bennett Updates BTC, ETH And SOL, As Altseason Is ‘Heating Up’
According to Justin Bennett, a top crypto market analyst, a number of altcoins are turning bullish. He also updates the outlook on Bitcoin (BTC) and Ethereum (ETH).
Altcoins
Starting off with altcoins, Bennett shared with his 98.5K Twitter followers that according to Bitcoin’s inverted market dominance, altcoins are “heating up.”
“AltSeason2022 is heating up.
BTC.D (BTC Market Cap Dominance) inverted looks bullish af (as f*ck).”
BTC’s inverted market dominance measures the altcoin’s market cap share in relation to Bitcoin’s.
Solana (SOL)
Bennett wrote in the latest Cryptocademy newsletter that Solana’s native token SOL could be preparing for a breakout, depending on Bitcoin’s next move.
“SOL is starting to break out today…
However, I still need to see the market close the day above the $85 area to confirm it. Until then, this is a bit speculative.
If SOL can break free from this trend line, I think a move up to $118 could be next. Any close above that and we’re probably looking at $150.
Of course, it all depends on what other markets like DXY (US dollar index), TOTAL (total crypto market cap), and BTC decide to do over the coming days.”
Source: JustinBennett
Ethereum (ETH)
Looking into Ethereum, Bennett notes that the leading smart contract platform has been on the downward spiral since November 2021, but now seems ready to move up.
“ETH is testing the November trend line today on the back of a 6% rally. At the moment, that level comes in just below $2,800.
A daily close above that area should confirm the breakout and expose $3,000. That will be the next test for buyers.
Above $3,000 and I think we see Ethereum sprint toward $3,600.
Alternatively, a close below resistance would keep the triangle intact with support just above $2,500.”
Source: JustinBennett
Bitcoin (BTC)
Last, looking into Bitcoin, Bennett notes that the leading digital asset might be lagging behind as ETH and SOL looks ready to move up.
“Bitcoin is lagging ETH in terms of structure. While ETH is on the brink of breaking out today, BTC is still well below the $46,000 region… I’m a fan of longing ETH over BTC right now.
However, an eventual close above $46,000 would be incredibly bullish if Bitcoin can pull it off as it would expose $53,000-$55,000.
