Crypto analyst and trader Justin Bennett warned that the upward trend in Bitcoin (BTC) could reverse after an upward movement. The analyst also set a target for the altcoin king Ethereum (ETH), stating that caution should be exercised from the moment the price reaches that target level.
Expecting $46,000 to $48,000 Range in Bitcoin
Crypto analyst Bennett, from his personal account on social media platform X, said he expects Bitcoin to rise before it falls. The analyst noted that Bitcoin is currently trading within a large ascending channel on the daily chart, and shared a chart showing that the horizontal resistance of the formation is around $48,000:
I still expect the $46,000 to $48,000 range as the ultimate target on this leg. From there, I expect a correction and think there will be a pullback to around $30,000.
Looking at the price chart Bennett shared, it appears that he expects Bitcoin to fall below $38,000 after reaching its upward target level. The crypto king is trading at $43,854 with a 1.33% increase in the last 24 hours as this article is being prepared. For BTC to enter the danger zone the analyst expects, it needs to increase by at least $2,200 with current prices.
Points to $2,500 in Ethereum
After Bitcoin, Bennett looks at Ethereum (ETH) and says that the largest altcoin by market value looks ready for a stronger rally that will push the price further after it broke out of the ascending triangle formation on the weekly time frame chart. In his commentary, he said, “EETH looks like it wants $2,500. $2,100 is a support level that must be maintained in the largest altcoin.”
Regarding what will happen after Ethereum’s price reaches the $2,500 target, he said, “I think we will get a good correction from $2,500. Maybe this will be a long sweep move.”
Altcoin king ETH is currently at a very close point to the $2,500 that the analyst pointed to, trading at $2,362 with a 0.09% increase in the last 24 hours as this article is being prepared.
