A top crypto trader and analyst is revealing how Bitcoin (BTC) could soar by 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.
“Now, if we do get those reclaims above $23,450 and $24,200, then the next resistance area for Bitcoin is going to be around mid $25,000.
So right around $25,400 followed by mid-$26,000 is right around $26,500.”
Bennett says that after breaking above $26,500, Bitcoin will have to overcome the $30,000 level in order to appreciate by about 46% from the current price and hit the next target of $38,000.
”So if we can see Bitcoin reclaim those two levels that I mentioned and start to move higher over the coming days, then here are the two key areas I’m watching over the coming weeks.
Now, the first one comes in right around $30,000, and that’s because of the consolidation that we saw back in May… so $30,000 area is going to be a huge area for Bitcoin. Above that, we do have the confluence of resistance up around $38,000…
But once again, Bitcoin has to get above those two levels I mentioned. So 23,450 and also 24,200 on a daily closing basis to really confirm the breakout and set the market up for these levels.”
The crypto trader and analyst says that the rate of inflation in the US will also play a role in determining Bitcoin’s price direction.
According to Bennett, a “lower inflation means less aggressive rate hikes, which means bullish markets.”
Citing the Consumer Price Index data released Wednesday which indicated that the US inflation rate fell to 8.5%, Bennett says it could suggest that inflation has peaked.
“It was nice to see CPI come in lower than forecast today. It wasn’t a great number, but it’s still a better number than we got last time. And it also beat the forecast. So that is something. And I think it could mark peak inflation, which would be very bullish for the markets…
So if markets believe that this is peak inflation, it could be bullish for the crypto market as well as the stock market.”
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