A renowned cryptocurrency analyst, Justin Bennett, has provided his insights on the future market movements of Bitcoin (BTC) and alternative cryptocurrencies (altcoins), with a particular focus on Ethereum (ETH). Bennett anticipates a possible downturn for Bitcoin that could prompt a significant surge in altcoin values, notably for Ethereum. His projections draw from the historical market behavior observed in 2021.
Ethereum’s Potential for Explosive Growth
Bennett asserts through his social media channel that altcoins might mirror the pattern from 2021, which could trigger a substantial price increase. He suggests that if Bitcoin follows its 2021 trend and experiences abrupt sell-offs over a two-month span, altcoins could reap considerable gains similar to those seen in the March-April period of that year. Focusing specifically on Ethereum, he recalls its 182% growth within 48 days during April-May 2021, which coincided with Bitcoin’s peak. Bennett urges investors to prepare for altcoin accumulation but advises waiting for the optimal moment.
In his analysis of Ethereum’s weekly chart relative to Bitcoin, Bennett observes that the ETH/BTC pair seems primed for a rally, potentially targeting the 0.15636 level, which would equate to $8,062 given current prices. Presently, the ETH/BTC pair has shown over a 1% increase in 24 hours, sitting at the 0.05773 level or $2,980. He suggests that Ethereum could revisit its all-time high of $4,878 if it returns to the 0.08597 peak level of 2021-2022 while Bitcoin remains stable at around $50,000.
Possible Price Retraction for Bitcoin
Despite his positive outlook for altcoins, Bennett expresses concern that Bitcoin’s value might retreat to a range between $30,000 and $35,000. He cites the liquidation heat map as the primary tool for this analysis, which identifies potential levels for large-scale liquidations and key support zones. According to the map, there is a significant buildup in the $30,000 to $35,000 area for Bitcoin. Bennett speculates that market makers could target this range to exploit the accumulated liquidity.