After several American banks, including the Silicon Valley Bank, collapsed in recent days, bitcoin has seen significant growth. Bitcoin has now already risen back to the $25,000 level after it dropped temporarily. The $25.2k level of resistance that Bitcoin is currently battling has not been breached in months. Bitcoin closed the day at about $24.6k on Tuesday–thanks to the rise.
Analyst Justin Bennett is revising his stance on the leading cryptocurrency and after a staggering 35 percent rally in the last few days, the analyst said that Bitcoin might increase in value by more than 20%.
To determine whether “the mind-bending pump that garnered 35% in five days” is ended or if BTC still has room to rise, Bennett provides his updated outlook. If its price action closes above $25,000, he claims Bitcoin might increase to $30,000 in the future.
“ An aggressive bounce from the $23,000-$23,500 area could send BTC back to $25,200. And a daily close above $25,200 would signal the next leg up toward the $28,000-$30,000 region. But all of that is contingent on a solid bounce from the mid $23,000 area.”
Bennett warned and stated that if Bitcoin loses support at the $23,000 mark, BTC may go as low as $21,500. As for the second largest cryptocurrency Ethereum, the analyst predicted that it might reach $2,000 after closing this week above $1,700. Bennet also said that the lower limits of $1,500 and $1,420 come into play if ETH falls below $1,590.
“Although not quite as impressive as Bitcoin’s rally, Ethereum is up an impressive 15% since Sunday’s open. ETH is also trading back above the $1,590 key level. However, the bigger test for Ethereum bulls lies at $1,700, as that’s the September 2021 trend line I have discussed recently.”