While other risk assets are still under pressure as a result of this week’s CPI result, Bitcoin and Ethereum are still trading within well defined bands. On Saturday and Sunday, the cryptocurrency markets experienced a resurgence of bearishness as Bitcoin fell once again.
After the pre-market sell-off on Thursday morning, Bitcoin found buyers on a dip into the support area over $18000 and after surging to $20,000, the largest token in the world started the weekend lower. Ethereum had a decline today as well, dropping under $1,300.
Bitcoin to hit $27,000?
A popular cryptocurrency strategist and trader expects rallies for Bitcoin and Ethereum that will astound doubters. The diagonal resistance, a trendline that has kept the market bearish since November 2021, has been successfully broken above, according to analyst Justin Bennett.
“BTC reversed today right from the linear trend line from the all-time high.”
Bennett said that now that the diagonal barrier has been overcome, Bitcoin is poised to rebound by around 40% to his goal price of about $27,000.
The analyst is examining the inverted price chart for BTC, which traders occasionally use to see if their bias still holds under various circumstances. According to Bennett’s chart, Bitcoin will reach its target by December 2022.
However, for the short-term, the analyst believes Bitcoin might yet drop below $19,000 before beginning its rally. He estimates that there is a liquidity gap at $18,500. According to him, BTC is approaching the weekend while the markets are still trading sideways with lower wicks to fill leaving out the deviation over $19,540.
Bennett notes that Ethereum, the industry-leading platform for smart contracts, now appears positive after successfully regaining a crucial support level. “What a bullish reclaim from ETH. Bears in disbelief. Send it.”
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Source: https://coinpedia.org/bitcoin/heres-the-timeline-when-bitcoin-btc-price-will-surge-above-25k-right-time-to-stack/