A popular crypto analyst is plotting out a roadmap for how Bitcoin (BTC) can recapture the $50,000 level in the coming weeks.
In a new strategy session, crypto strategist Justin Bennett digs into BTC’s recent price action and suggests that the leading crypto might have established a local bottom after Bitcoin managed to stay above $35,000.
“I want to show you what I’m looking for in March – this potential setup that could have Bitcoin trading up toward the $50,000 area over the next few weeks…
We have two lows down here [$34,700 both in mid-January and this past week]. This is a potential double bottom for the market.
The confirmation for this is not only above $39,600, that’s step one. Step two is a close above $46,000. That’s the high from back here [approximately February 11th], so this would be the neckline of the double bottom pattern.”
Bennett cites two key levels which, if reached, could launch Bitcoin back above $50,000.
“We need to see a daily close above $39,600. Also a daily close above $46,000 area.
That will expose this area between $50,000 and $53,000. This has been a key level on the chart for the past few months.”
At time of writing, Bitcoin is up 2.4% on the day and priced at $39,348.
I
Check Price ActionDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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.
Featured Image: Shutterstock/DomCritelli
