Crypto Analyst Justin Bennett Warns of Potential End to Bitcoin's Rising Trend and Points Out Key Targets for Ethereum - Latest cryptocurrency news

Crypto Analyst Justin Bennett Warns of Potential End to Bitcoin’s Rising Trend and Points Out Key Targets for Ethereum

Crypto analyst Justin Bennett has warned that the rising trend of Bitcoin (BTC) could come to an end and has specified a particular target price for Ethereum (ETH). Bennett emphasized the need for caution when ETH reaches this target.

Bennett mentioned that Bitcoin is moving within a large ascending channel on the daily chart, and the horizontal resistance is approximately $48,000. The analyst stated that BTC is targeting the range between $46,000 and $48,000 and expects a correction after reaching this level.

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Anticipating that Bitcoin could fall below $38,000 after reaching the target level, Bennett noted that BTC was trading at $43,854, up 1.33% in the last 24 hours at the time the article was prepared. He said that BTC needs to increase by at least $2,200 more to reach the level he calls the danger zone.

Highlighting that Ethereum (ETH) appears ready for a stronger rally after breaking out of a rising triangle formation on the weekly chart, Bennett said that ETH is targeting $2,500 and that the $2,100 level must be maintained as support.

Bennett forecasted a strong correction after Ethereum’s price reaches the $2,500 target and suggested that this move could be a long sweep. He pointed out that ETH was trading very close to the analyst’s indicated $2,500 target at $2,362 at the time the article was written.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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