This crucial price point may determine Bitcoin’s fate for the remainder of 2021, analyst Justin Bennett says

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Crypto analyst and trader Justin Bennett says a price point for Bitcoin could determine what happens to BTC the rest of the year.

The closely watched strategist tells his 67,000 subscribers that he thinks a correction to the $ 40,000 range for Bitcoin makes sense, and that whatever happens after BTC hits that level, it could tell. long.

“A pullback to the key weekly level of $ 40,000 makes a lot of sense here.

That’s not to say it will happen, but it’s a scenario worth considering. “

Looking at the weekly chart, Bennett postulates that Bitcoin could show a pattern similar to April when BTC formed a local high.

“BTC also bottomed with a bullish swallow week in July.”

Source: Justin Bennett / Twitter

After the outage, the analyst predicts that BTC will likely rebound to a crucial price point where the main crypto asset can make a decision that could determine the fate of BTC for the remainder of 2021.

“$ 39,300 is where I think we’re headed.

From there, probably a bounce back to $ 48,000- $ 49,000 to decide if we get a higher or lower high… A lower or higher high from there will be revealing for the rest of the year if it happens.

Looking at Ethereum, Bennett says a close above a key resistance area is needed to confirm that this week’s steep drop was just a bear trap. Before that happens, the analyst says the $ 3,300 area leaves ETH vulnerable to further correction.

“ETHUSDT needs to close above the $ 3,550 to $ 3,700 region to confirm Tuesday’s sell was a false breakout / bear trap.

Until then, the support level of $ 3,330 is exposed with a close below $ 2,900.

Source: Justin Bennett

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