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Justin Bennett: 30% Surge Is Likely Around the Corner for Bitcoin (BTC)

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.

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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.”

Justin Bennett: 30% Surge Is Likely Around the Corner for Bitcoin (BTC)
Courtesy of Justin Bennett/YouTube

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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.”


Read Also: PlanB States His Target Market Cap for Bitcoin (BTC) Amid Market Downturn

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.

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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