Analyst Justin Bennett tells his 109,800 Twitter followers that Bitcoin has successfully broken above its diagonal resistance, a trendline that has kept the market bearish since November 2021.
“BTC reversed today right from the linear trend line from the all-time high.”
With the diagonal resistance out of the way, Bennett says Bitcoin is gearing up for a nearly 40% rally to his target of around $27,000.
The analyst is looking at BTC’s inverted price chart, which traders sometimes do to check whether their bias still holds from a different perspective. Based on Bennett’s chart, he’s predicting Bitcoin will hit his target by December 2022.
In the short term, however, the crypto strategist says Bitcoin could still move below $19,000 before starting its rally.
“There’s a liquidity gap at $18,500. Markets are still sideways with lower wicks to fill, and we’re going into a weekend. Not to mention the deviation above $19,540.”
At time of writing, Bitcoin is changing hands for $19,134, flat on the day.
Looking at leading smart contract platform Ethereum, Bennett says ETH looks bullish after managing to recover a key support level.
“What a bullish reclaim from ETH.
Bears in disbelief. Send it.”
Based on the analyst’s chart, he appears to be predicting an abrupt ETH rally to $1,480 in the coming days. At time of writing, Ethereum is valued at $1,281, down 1.62% in the past 24 hours.
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