Popular analyst Justin Bennett is updating his outlook on Bitcoin (BTC) after the king of cryptocurrencies soared 35% in just five days.
In a new analysis, Bennett says that Bitcoin could run more than 20% of its current value.
Bennett updates his outlook on Bitcoin to discuss whether “the mind-blowing pump that got 35% in five days” is over or if BTC has more room to run.
He says Bitcoin could go as high as $30,000 if its share price sees a close above $25,000.
“Tuesday’s pullback is wiping out the trailing longs and potentially wiping out the liquidity buildup just above $23,000. An aggressive bounce from the $23,000-$23,500 area could send BTC back to $25,200. And a daily close above $25,200 would signal the next move towards the $28,000-$30,000 region. But that’s all contingent on a solid bounce from the mid-$23,000 area.”
Bennett warns that if Bitcoin loses support at the $23,000 level, BTC could see a drop as low as $21,500.
“Alternatively, if BTC starts losing $23,000 on the higher time frames, we could see a more significant pullback to $21,500.”
Bitcoin is worth $24,395 at the time of writing.
As for Ethereum (ETH), Bennett says the smart contract platform token could skyrocket to $2,000 after achieving a close this week above $1,700. But if ETH falls below $1,590, Bennett says that the lower levels of $1,500 and $1,420 are in play.
“Although not as impressive as Bitcoin’s rally, Ethereum is up an impressive 15% since Sunday’s open. ETH is also trading above the key $1,590 level. However, the biggest test for Ethereum bulls lies at $1,700 as that is the September 2021 trend line that I have recently discussed.
A daily close above $1,700 this week would open the August 2022 high near $2,000. That is also where most short liquidations for ETH end up. Alternatively, a higher time frame closing below $1,590 would open $1,500 and $1,420.”
Ethereum is trading at $1,647 at the time of writing.
Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox
Check Price Action
follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Image generated: halfway
Featured Image: Shutterstock/PurpleRender
