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Bitcoin 
$104,570 is showing movements similar to the significant increases observed at the beginning of the year. Renowned crypto strategist Justin Bennett has conducted striking analyses regarding Bitcoin’s technical outlook. In his comments shared on the social media platform X, Bennett stated that Bitcoin has formed an upward channel on its daily chart, which could indicate the onset of a new rally in BTC’s price movements.
Bitcoin’s Technical Outlook: What Does the Upward Channel Indicate?
Bennett pointed out that Bitcoin has recreated a similar channel as seen in the first quarter of the year. The strategist emphasized that this technical structure generally presents a positive market outlook. “A similar channel had formed in December and January last year. After this structure, Bitcoin’s price had doubled,” he remarked.
Bennett noted that this channel could lead to higher peaks and troughs in Bitcoin’s price. He recalled that BTC experienced a brief decline in February but regained support from the channel, suggesting that a similar scenario could occur this year. This technical pattern signals that the market may generally progress in an optimistic direction.
Bitcoin’s Support and Resistance Levels
Bennett predicts that a strong rally could be triggered if BTC regains the $100,000 level. He stated, “In my view, dips are buying opportunities. However, the highest accuracy lies in reclaiming the resistance zone between $99,000 and $102,000.”
Additionally, Bennett highlighted that Bitcoin bulls must maintain support at the $95,700 level. “If this support is lost, we could see weaknesses in Bitcoin’s market movements,” he warned. The analyst suggested that if these levels are maintained, BTC could aim for targets between $110,000 and $120,000 by 2025.
As of the publication of this article, Bitcoin is trading at around $95,889. The observations made by analysts regarding support and resistance levels may play a crucial role in helping market participants predict future price movements.
