Crypto analyst Justin Bennett said that Bitcoin has emerged from a descending channel and is probably ready to recover.
The analyst says that at the end of the month, BTC took the highs of the previous few days, signaling a bullish confirmation pattern.
Bennett also said he witnessed the highest volume level in seven months when Bitcoin reversed from $34,000. and indicates a strong change in trend. Bennett said that a daily close above the $39,600 level is key for BTC to ignite the next trend. BTC had a daily close above this level yesterday. Talking about the close above $39,600, Bennett said:
“This is the key to getting higher. Notable events in March include the CPI on the 10th and the FOMC on the 16th, and of course the developments surrounding Russia-Ukraine.”
Bennett predicts that March will be a bullish month for top crypto by market cap. Last week, he argued that a $50,000 BTC rally in March is entirely possible.
“We have two lows here [$34,700 both in mid-January and last week]. This is a potential double bottom for the market. Confirmation of this is not just above $39,600, this is step one. The second step is a close above $46,000.”
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