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Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

by Daily Hodl Staff
October 21, 2021
in Bitcoin, Ethereum

Widely followed crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could launch the crypto asset by nearly 400%.

In a series of tweets, Bennett explains how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.

“If $BTC breaks $65,000 without a significant pullback first, $ETH probably matches it with a close above the May trend line.

Would put ETH on track for $20,000 in January.

This is my trigger to ape in more than I already am.”

Image
Source: Justin Bennett/Twitter

Bennett thinks that a $20,000 top for ETH is more likely given that too many traders are calling for a high of $10,000. He contends that most traders underestimate the rush of capital that can flow in during a parabolic run.

That's one reason I think $20k happens.

Every time I post this chart, I get multiple comments from people telling me ETH tops at $10k.

Parabolic moves tend to last longer and push prices higher than most expect.

Time will tell.

— Justin Bennett (@JustinBennettFX) October 19, 2021

Despite his bullish thesis, Bennett warns traders about a potential dump in the short term that could wipe out overleveraged traders.

“Don’t be surprised if we get a flush this week, potentially toward $53,000 BTC, then all-time highs.

Everyone, including me, is hyper bullish right now, and rightfully so. But that’s when liquidations tend to occur.

Sunday’s $58,900 low is the proverbial line in the sand.”

In response to another crypto trader’s bull run hypothesis, Bennett gives his outlook on the market cycle, expecting a peak Bitcoin price between $207,000 and $270,000 followed by an 80% correction.

Agree with all points except 1, 4, and 8.

1) $BTC ATH probably takes longer than most expect
4) Fibs point to $207k – $270k
8) $50k – $60k bear market low

On point 8, diminishing corrections for a maturing market. 94%, 87%, and 84% so far in order. Probably 80%ish next.

— Justin Bennett (@JustinBennettFX) October 19, 2021

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