Crypto trader Justin Bennett says BTC is ‘preparing for a run’ while analyzing three popular altcoins

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Widely followed crypto analyst Justin Bennett says Bitcoin (BTC) may be set to rise again, while noting areas of confluence for three popular altcoins and diagnosing the crypto markets as a whole.

In the latest edition of his Cryptocademy newsletter, Bennett says he doesn’t have “high hopes” for BTC to make a parabolic move this week.

“I know many expect Bitcoin to parabolic overnight, but that’s why I’m not putting high hopes on it. The market has a way of humbling the masses.

BTC is expected to rise above $ 63,300 on a daily close basis to open $ 66,000. Above is the $ 70,000 area.

What might be the most likely route in the short term is to test the $ 55,000 region. Whether we get a re-test of $ 63,300 first is guesswork.

I remain open-minded here as everyone should during consolidation.

However, Bennett says the largest crypto asset by market cap may finally be about to return in a recent tweet.

“BTC could prepare for a run to $ 63,000 over the next two days.

Better to look in the short term [opportunities] or nothing at all by consolidating like that.

Source: Justin BennettFX / Twitter

Bitcoin is trading at $ 57,135 at the time of writing, down 5% in the past 24 hours.

The trader says he’s ready for the major Ethereum (ETH) smart contract platform to retest the $ 4,000 support band before potentially finding support at $ 3,800.

“ETH is trying to hang on to the $ 4,200 area that I mentioned a few times recently. A rebound from that area would take Ethereum back to $ 4,400.

Alternatively, a move below $ 4,200 would expose the confluence of support between $ 3,800 and $ 4,000.

I think the scenario of a new $ 4000 test is still very real. Of course, that doesn’t mean it will happen, but I’m ready for it just in case.

With Ethereum currently trading at $ 4,023.22, the crypto analyst recently doubled his “confluence of support” range for the second largest crypto asset by market cap.

“ETH is as easy as it gets.

Massive confluence of support at $ 3,800- $ 4,000. This is a must-see area, in my opinion.

Source: Justin BennettFX / Twitter

Switching to smaller-cap altcoins, Bennett predicts that the oracle of the Chainlink blockchain (LINK) could drop in price lower than before.

“At the moment, LINK is catching some support at $ 28 as expected.

A close below that would open $ 24 and potentially $ 21. “

At the time of writing, LINK is trading at $ 26.80. Bennett is also reviewing the blockchain enterprise solution VeChain (VET), warning traders that “everyone should be prepared for a retest of the $ 0.12 zone just in case” after the midcap altcoin reached $ 0.175 just three days ago. However, Bennett does not lose sleep while swimming.

“Huge EFP support confluence around the 0.12 area.

No worries here. Still as optimistic as I have ever been.

Source: Justin BennettFX / Twitter

VeChain trades hands at $ 0.129 at the time of writing. Finally, the founder of Cryptocademy offers his prognosis on all the crypto markets.

“The total crypto market cap continues to look good here. The $ 2.4 trillion area is the support.

I don’t know where the next few weeks will take us, but don’t be surprised if this cycle continues until 2022.

This is the least expected result at the moment.

Source: Justin BennettFX / Twitter

Currently, the total crypto market cap hovers around $ 2.5 trillion.

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Featured Image: Shutterstock / ledokolua / Natalia Siiatovskaia

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