Analyst Justin Bennett tells his 109,800 Twitter followers that Bitcoin has successfully broken above its diagonal resistance, a trendline that has kept the market bearish since November 2021.
“BTC reversed today right from the linear trend line from the all-time high.”
With the diagonal resistance out of the way, Bennett says Bitcoin is gearing up for a nearly 40% rally to his target of around $27,000.
The analyst is looking at BTC’s inverted price chart, which traders sometimes do to check whether their bias still holds from a different perspective. Based on Bennett’s chart, he’s predicting Bitcoin will hit his target by December 2022.
In the short term, however, the crypto strategist says Bitcoin could still move below $19,000 before starting its rally.
“There’s a liquidity gap at $18,500. Markets are still sideways with lower wicks to fill, and we’re going into a weekend. Not to mention the deviation above $19,540.”
At time of writing, Bitcoin is changing hands for $19,134, flat on the day.
Looking at leading smart contract platform Ethereum, Bennett says ETH looks bullish after managing to recover a key support level.
“What a bullish reclaim from ETH.
Bears in disbelief. Send it.”
Based on the analyst’s chart, he appears to be predicting an abrupt ETH rally to $1,480 in the coming days. At time of writing, Ethereum is valued at $1,281, down 1.62% in the past 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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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 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.
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