Justin Bennett, a crypto analyst and trader, has stated that Bitcoin (BTC), the largest cryptocurrency by market cap, is likely ready to rally in the coming days.
In a new strategic session, Bennett observed patterns in Bitcoin’s historic price action and concluded that the flagship crypto could be set for a 20-30% rally.
Justin Bennett noted:
“Ever since early 2021, you can see where we get the low below the liquidation wick, we then get a move higher. Every single time this has occurred.
The average move for Bitcoin is about 63%, so if you average out all these moves it’s about 63%. The smallest one was back here [in April], and this was about 27%…
If we use past price action to get an idea of what’s likely here, and we look from the low down here at $40,000…
If we did get something like that smallest move around 27%, it would put the market up here right around $50,000, and that would actually make a lot of sense because we know that this area between $50,000 and $53,000 is likely to be significant.”
The crypto analyst added in a tweet that a price of somewhere between $50,000 and $53,000 makes the most sense as a target for a relief given that sellers are likely to defend that range as resistance.
However, he pointed out that Bitcoin (BTC) will have to kick off its rally by breaking through the $45,600 mark first.
“More consolidation from BTC. I’m still anticipating a move to $45,600 and potentially $50,000-$53,000 in the next few weeks.”
At the time of filing this report, BTC is trading at $42,592, with a relatively 1% price downtrend in the last 24 hours and 1.26% up over the last 7 days.