A popular crypto strategist and trader is saying that a massive rally is on the horizon for leading smart contract platform Ethereum (ETH).
Crypto analyst Justin Bennett tells his 93,500 Twitter followers that Ethereum is now in “full beast mode” after breaking out of a bullish continuation pattern against Bitcoin (ETH/BTC).
“Now above 0.082 BTC ($4,138.70) and climbing. The objective is 0.10-0.11 BTC ($5,047.20-$5,551.92), so there’s still room to move higher in the next few weeks. The objective from the January breakout is 0.16 BTC ($8,075.52).”
ETH/BTC is currently exchanging hands at 0.085 BTC, suggesting a 90% potential upside should the pair hit Bennett’s second target.
As for Ethereum against the US dollar, the crypto strategist says that the second-largest crypto asset by market cap still looks relatively strong even after last weekend’s deep corrective move.
“I find it ironic that the second-largest crypto by market cap is 14% off its all-time high while many on Twitter act like the sky is falling. Stay cautious? Yes. Panic? Not a chance.”
Looking at Bitcoin, Bennett says BTC must flip a key price area into support to regain its bullish momentum.
“BTC back above $50,000. Needs to reclaim $53,000 to turn bullish again.”Â
Bennett is also offering a possible scenario where Bitcoin could just consolidate between $52,000 and $43,000 in the coming weeks.
“Keep in mind that the current range isn’t exactly small. Could be lots of this for the next few weeks.”
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Featured Image: Shutterstock/Oliver Denker/monkographic/Konstantin Faraktinov
