Crypto Analyst Sees Bitcoin To Hit $ 200.00 By Year End If It Breaks These Key Levels

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Popular cryptocurrency analyst Justin Bennett has revealed on social media that he believes the price of bitcoin could reach $ 200,000 by the end of the year if the cryptocurrency manages to stay at- above two key levels in the near future.

In a Twitter thread posted to his subscribers on the microblogging platform Bennett, who is also the founder of the CryptoAcademy newsletter, said that most market players underestimate the level of FOMO. [Fear of Missing Out] this will happen above $ 65,000 for the cryptocurrency, suggesting that if bitcoin breaks its all-time high, new investors will accumulate.

In his words, if BTC hits $ 65,000 and the fear of missing matches sets in, $ 200,000 by the end of the year is a possibility.

Most underestimate the level of FOMO that will occur above $ 65,000 BTC.

Everyone thought the bull market was over. If it doesn’t and #Bitcoin recovers $ 65,000, we’ll see a FOMO event like never before. In this case, over $ 200,000 via EOY is widely on the table. pic.twitter.com/daiDhNrfpY

Justin Bennett (@JustinBennettFX) August 9, 2021

He added that he was an eternal optimist and that there was no guarantee as to the price of the cryptocurrency. Before reaching $ 65,000, the price of BTC will have to stay above another key level, he said, the $ 47,000 mark.

In another tweet, the analyst noted that if bitcoin manages to break through the $ 47,000 mark and turn it into a support area, the cryptocurrency could be on its way to breaking through the $ 100,000 mark.

The penultimate key resistance for $ BTC ahead of new all-time highs is the $ 47,000 region. The last one is, of course, $ 65,000.

Flip over $ 47,000 to take over the daily and weekly deadlines, and the bull run will likely continue at over $ 100,000.

Looking for $ 40,000 to keep as a support. pic.twitter.com/pCmaApk05Q

Justin Bennett (@JustinBennettFX) August 9, 2021

The analyst also looked at the second largest cryptocurrency by market cap, Ethereum, noting that it was forming a bullish pattern in an ascending channel, as reported by the Daily Hold.

According to the analyst, Ethereum could reach $ 18,000 in the future, which would represent a significant increase from the current price of cryptocurrencies above the $ 3,000 level. Notably, the price prediction is close to that of former Goldman Sachs executive Raoul Pal, who said Ethereum could hit $ 20,000 this cycle based on Metcalfes Law.

Bennett also noted that Ethereum has been a traders dream since July, as there have been plenty of opportunities since its support at $ 1,700. Notably, Pal called Ethereum the biggest trade setup he’s ever seen, as cryptocurrency fundamentals suggest it has great upside potential.

DISCLAIMER The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

IMAGE CREDIT Featured Image viaPixabay

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