Crypto analyst Justin Bennett says Bitcoin has broken out of a descending channel and is likely ready to rally.
The analyst tells his 98,000 Twitter followers that BTC is posting a bullish confirmation pattern right at the end of the month, taking out the highs of the previous few days.
“BTC bullish confirmation loading. Last day of February, no less.”
Bennett also points out that Bitcoin just witnessed its highest level of volume in seven months, right when it reversed from $34,000, suggesting a strong change in trend.
“The recent BTC 34k low was the highest volume green day on BTCUSDT Binance since late July 2021.
Bennett says that a daily close above the $39,600 level is key for BTC to ignite the next trend.
“BTC has yet to close above $39,600. That’s the key for a move higher.
Notable events in March include CPI on the 10th and FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine.”
Bennett has predicted that March will be a bullish month for the top crypto by market cap. Last week, he argued that a BTC rally to $50,000 in March is fully feasible.
“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.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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