Cryptocurrency analyst and trader Justin Bennett is warning that Bitcoin (BTC) could reverse its uptrend after another move to the upside.
Bennett tells his 110,600 followers on the social media platform X that Bitcoin could see one more leg up before undergoing a corrective move.
The analyst shares a chart showing that Bitcoin is currently trading within a large ascending channel on the daily chart with the horizontal resistance of the pattern sitting at around $48,000.
“I’m still looking at BTC $46,000-$48,000 as a final target on this leg. From there, I think we get a decent correction. $30,000 is now a must-hold level.”
Looking at the trader’s chart, he seems to predict that Bitcoin will fall below $38,000 after hitting his upside target.
Bitcoin is trading at $44,147 at time of writing.
Turning to Ethereum (ETH), Bennett says that the second-largest crypto asset by market cap appears to be poised for more rallies after breaking out of an ascending triangle pattern on the weekly chart.
“ETH looks like it wants $2,500. $2,100 is must-hold support.”
On what will come next if Ethereum reaches the $2,500 price target, Bennett says,
“Think we get a decent correction from $2,500.
Maybe a sweep first. Let’s see.”
Ethereum is trading at $2,356 at time of writing.
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