Popular cryptocurrency analyst Justin Bennett shared his thoughts on the two largest crypto assets by market cap. Starting with Bitcoin (BTC), Bennett stated that if the leading cryptocurrency manages to break above the $42,000 resistance level, it could rise as much as 40%:
“This area between $35,000 and $36,000 is support, and the area between $40,000 and $42,000 is resistance. Now as I said recently, the market must break above $42,000 to expose the $45,000 to $46,000 resistance area and then the $50,000 to $53,000 resistance area.”
Bitcoin now threatens to break the $42,000 resistance, while Bennett believes a strong relief rally is on the horizon for BTC.
“I continue to like the idea of a major leap from here in the coming weeks. It took longer than I thought, but that’s what happens sometimes.”
Bitcoin was trading at $41,497 at the time of writing.
The analyst then shared his views on Ethereum (ETH). Bennet said that Ethereum is moving sideways as it offers two possible possibilities:
“If we saw Ethereum retrace below this level ($2,500) where it tested today, the next stop would be $2,200… If we see Bitcoin holding $35,000 support and falling to test $30,000, Ethereum could go down and hit $2000. can test. Now, on the other hand, here with a close above this area, exactly around $2900, the next levels would be $3100 to $3200.”
Ethereum was trading at $3010 at the time of writing.
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