A top crypto trader and analyst reveals how Bitcoin (BTC) could surge nearly 50%.
Crypto analyst Justin Bennett tells his 11,100 YouTube subscribers that if the price of Bitcoin closes above $24,200, the next target is $26,500.
“Well, if we get those callbacks above $23,450 and $24,200 then the next area of resistance for bitcoin will be around the mid-$25,000s.
So roughly $25,400 followed by mid-$26,000 is exactly $26,500.”
Bennett says that after breaking above $26,500, Bitcoin needs to surpass $30,000 to appreciate about 46% from the current price and reach the next target of $38,000.
“So if we can see Bitcoin reclaiming those two levels I mentioned and moving higher in the coming days, then here are the two key areas I will be watching over the coming weeks.
Now the first one fetches about $30,000 and that’s because of the consolidation we saw in May… So the $30,000 area is going to be a huge area for Bitcoin. Beyond that, we have the confluence of resistances around $38,000…
But again, Bitcoin needs to get beyond those two levels I mentioned. So 23,450 and also 24,200 on a daily close basis to really confirm the breakout and set the market up for those levels.”
The crypto trader and analyst says the inflation rate in the US will also play a role in determining Bitcoin’s price direction.
According to Bennett, “lower inflation means less aggressive rate hikes, which means bullish markets.”
Citing CPI data released on Wednesday that suggested the US inflation rate fell to 8.5%, Bennett says it could indicate inflation has peaked.
“It was nice to see that today’s CPI was lower than forecast. It wasn’t a great number, but it’s still a better number than last time. And it also exceeded the forecast. So this is something. And I think it could mark the peak of inflation, which would be very bullish for the markets…
So if markets think this is peak inflation, it could be bullish for both the crypto market and the stock market.”
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