Is $30,000 Bitcoin’s Next Stop? Analyst Justin Bennett Updates Crypto Market Outlook – Here’s His Prediction

Popular analyst Justin Bennett is updating his view on Bitcoin (BTC) after the king crypto surged 35% in just five days.

In a new analysis, Bennett says Bitcoin could make more than 20% of its current value.

Bennett is updating his view on Bitcoin to analyze whether “the mind blowing pump that amassed 35% in five days” is over or whether BTC has more room to run.

He says Bitcoin could rise to $30,000 if price action moves above $25,000.

“Tuesday’s pullback clears late longs and may wash away liquidity buildup to just above $23,000. 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 to the $28,000-$30,000 range. But all of that is contingent on a solid bounce from the mid-$23,000 range.

Source: Justin Bennett/Daily Price Action

Bennett warns that if Bitcoin loses support at the USD 23,000 level, BTC could see a dip to USD 21,500.

“Alternatively, if BTC starts to lose $23,000 on the higher time frames, we could see a bigger pullback to $21,500.”

Bitcoin is worth $24,395 at the time of writing.

Looking at Ethereum (ETH), Bennett says the smart contract platform token could rise to $2,000 after reaching a close above $1,700 this week. But if ETH drops below USD 1,590, Bennet says the lower USD 1,500 and USD 1,420 levels are in play.

“While not as impressive as Bitcoin’s rally, Ethereum is up an impressive 15% since opening Sunday. ETH is also trading back above the $1,590 key level. However, the bigger test for Ethereum bulls is at $1,700, as that is the September 2021 trendline I recently discussed.

A daily close above $1,700 this week would open the August 2022 high near $2,000. That’s also where most short liquidations end up for ETH. Alternatively, a higher time frame, close to $1,590, would open $1,500 and $1,420.

Source: Justin Bennett/Daily Price Action

Ethereum is trading at USD 1,647 at the time of writing.

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