HomeEthereumIs $30,000 the next stop for Bitcoin? Analyst Justin Bennett Updates...

Is $30,000 the next stop for Bitcoin? Analyst Justin Bennett Updates Crypto Market Outlook: This Is His Forecast


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.”

Source: Justin Bennett/Daily Price Action

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.”

Source: Justin Bennett/Daily Price Action

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

Check the latest news headlines


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


Please enter your comment!
Please enter your name here


MakerDAO holds USDC as the primary collateral for Dai

Since there is a possibility that risks could be tied to USDC, the MakerDAO Central Risk Unit recently proposed the notion of diversifying collateral for...

Polkadot, Kusama and Cardano lead the crypto space in terms of ‘notable activity on GitHub’: Santiment

Polkadot (DOT), Kusama (KSM), and Cardano (ADA) lead the crypto space in terms of "notable" GitHub development activity, according to cryptanalysis firm Santiment. holyday grades that...

Owner of Major US Stock Exchange to Launch Crypto Custody Services by June: Report

The parent company of a major US stock exchange is reportedly looking to launch crypto custody services by June. According to a new report from BNB...

DeFi Giants Launch on Ethereum Layer 2 zkSync Era

After four years of development, Ethereum's Layer 2 scaling network, zkSync Era, has been opened to users in alpha, enabling faster and cheaper transactions. ...

Most Popular