Famous crypto analyst Justin Bennett shares with his followers by examining Bitcoin (BTC) and 2 altcoin projects. As Kriptokoin.com, we convey the views of the famous analyst and the cryptocurrencies in his list.
Bitcoin (BTC) and Ethereum (ETH)
Analyst Justin Bennet predicts that the price of Bitcoin (BTC) will fall to the level of 35 thousand dollars before catching a new uptrend and jumping. The analyst says the following about BTC:
Bitcoin bounces off the $37,600 region that served as support in February and March. However, BTC is priced below the $39,500 levels, which has served as support since April 11. Therefore, I think buyers should be cautious until $39,500 is reclaimed on a daily close basis. According to the analyst, these predictions will depend on whether levels such as $ 37,600 and $ 39,500 can be maintained in the coming days.
Another cryptocurrency on the analyst’s list is the leading altcoin Ethereum (ETH). Bennett predicts that the leading smart contract platform Ethereum will soon test $4, but before that it will bottom below its current levels. For the leading altcoin, the analyst says:
ETH continues to move lower in a descending channel from the April high… The descending channel puts the upcoming low target at around $2,500. Time will tell whether this will happen or not. But if that happens, $2,500 will also align with March lows and the bottom of an ascending channel from January. I think ETH is highly likely to retest the $2,500 zone before the next rally. If Ethereum bounces there and recovers from the descending channel, I will expect a retest of $4,000 in the coming months. This may sound like a high price target, but markets like to retest failed levels before making their next move.
The last altcoin on the analyst’s list is VeChain (VET)
Analyst Bennett finally examines VeChain (VET), another altcoin project like BTC and ETH that he believes can recover, saying:
VET lost the $0.055 level yesterday. This means that $0.055 is the new resistance. The next key support level for VET is the $0.044 zone, which has supported VET since January. If tested, I expect a good bounce out of this zone, maybe BTC and ETH if it gives us a relief rally this summer it will return to $0.055 and maybe even higher. Alternatively, a daily close below $0.044 will open the next key support at $0.035.
Bennett also looks at total crypto market cap (TOTAL), which represents the value of crypto markets as a whole. Even looking at TOTAL, the famous analyst sees signs that BTC and ETH are heading towards $35,000 and $2,500 respectively, saying:
Total crypto market cap remained support… This level is just after yesterday’s close. It was below $1.72 trillion, indicating that it’s still solid as key support… I’m still guessing the market will see another drop before it hits a real bottom. For TOTAL, this could mean a move to $1.55 trillion in support. This will likely coincide with $35,000 BTC and $2,500 ETH. Alternatively, a daily close above $1.8 trillion would cast doubt on the above scenario.
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