A popular crypto analyst is unveiling his forecast for Bitcoin (BTC) after the king crypto plunged over 6% on March 3rd.
Analyst Justin Bennett says in a recent newsletter that Bitcoin bulls should pay close attention to the $23,130 price for BTC.
According to the trader, BTC could witness another sell-off event if bulls fail to recapture the key price area.
“The key for bulls is a reclaim above the $23,130 monthly open. The longer Bitcoin trades below that area, the stronger it becomes as resistance.
If Bitcoin bulls fail to reclaim $23,130, we could move toward the $20,800 liquidity pool.
If they can reclaim $23,130, then $23,800 is the next hurdle for buyers.
But, for now, Bitcoin is range bound between the January trend line at $21,900 and the monthly open at $23,130.”
At time of writing, Bitcoin is worth $22,491, way below the analyst’s crucial price level.
Looking at Ethereum (ETH), Bennett believes that the leading smart contract platform is following in the footsteps of BTC. According to the analyst, ETH could be gearing up for the next leg down as long as it is trading below $1,600.
“As of now, the $1,600 area is new resistance based on recent closing prices and lows this week.
The monthly open is just above that at $1,605, so keep that in mind.
If ETH bulls can’t reclaim $1,605 in the next few days, we’ll likely see a retest of $1,500 support, and below that is the $1,420 confluence of support.”
At time of writing, Ethereum is trading for $1,575.
As for blockchain scaling solution Polygon (MATIC), Bennett says the altcoin looks bearish and appears to be at risk for a move below $1.
“One thing that’s a bit concerning is how MATIC has (so far) been unable to climb back above $1.179 today.
That’s been a key pivot since late January, so a daily close below it could be significant.
If MATIC closes below $1.1790, the next stop is $1.056 unless it becomes a fakeout, of course.
But all in all, MATIC looks increasingly weak, so I wouldn’t be surprised to see $1.056 tested in the coming days, if not the $1 mark or lower.”
At time of writing, MATIC is worth $1.15.
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Source: https://dailyhodl.com/2023/03/05/heres-whats-next-for-bitcoin-btc-after-sudden-drop-according-to-popular-crypto-analyst/