A widely-followed crypto analyst foresees impending bounces for top cryptos Bitcoin (BTC) and Ethereum (ETH) while highlighting support levels for two popular altcoins.
In a recent YouTube update, crypto trader Justin Bennett tells his 8,470 subscribers that a substantial Bitcoin bounce could be on the horizon.
“I would expect, at some point over the coming weeks, at least a 20-30% bounce from BTC.”
With Bitcoin currently trading for $43,122, a 20-30% upswing would mean that Bennett expects BTC to reach somewhere between $50,000-$56,000 in the coming weeks.
Looking at leading smart contract platform Ethereum, Bennett points out that $3,000 has held support recently. However, he warns that ETH may dip lower before bouncing back.
“So if we do see [ETH] close below [$3,000], there’s a chance that we see it move down into support right around $2,800, maybe $2,900, and then we get that bounce.”
Ethereum is trading for $3,252.36 at time of writing, just north of the $3,000 support zone highlighted by Bennett.
Bennett then looks at payments and decentralized finance blockchain Algorand (ALGO) and notes that it might currently be in a bullish formation, even if the price dips lower.
“We’ve had this channel that’s developed which could be a bullish formation if the market can find support down here around $1.15.
If we get a re-test [of $1.15] towards the end of January, this is going to be a confluence of support, right around $1.15. If we do get a bounce from there, the next resistance is going to come in here around $1.50 to $1.60.”
With Algorand currently trading at $1.31, a drop to $1.15 would represent a 12% dive.
Finally, Bennett looks at enterprise solution blockchain VeChain (VET) and notes that $0.06 has served as VET’s support over the last year.
“If we see VeChain close below $0.07, then keep an eye on $0.06-$0.065.
Because this going to be a must hold for buyers… and could produce a favorable buying opportunity.
I think any rotation into $0.06-$0.065 could produce a healthy bounce.”
VeChain is trading for $0.074 at time of writing, up 3.61% in the last 24 hours.
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Source: https://dailyhodl.com/2022/01/20/crypto-strategist-justin-bennett-updates-outlook-on-bitcoin-btc-ethereum-eth-and-two-popular-altcoins/