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October 21, 2021

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

By Daily Hodl Staff

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.

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“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.”

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.

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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.”

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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.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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