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This Crucial Price Level May Determine Fate of Bitcoin for the Rest of 2021, According to Analyst Justin Bennett

Crypto analyst and dealer Justin Bennett says one value stage for Bitcoin might decide what occurs to BTC the relaxation of the yr.

The carefully adopted strategist tells his 67,000 followers that he thinks a correction to the $40,000 vary for Bitcoin appears logical, and that no matter occurs after BTC hits that stage might say quite a bit.

“A pullback to the $40,000 key weekly stage makes quite a bit of sense right here.

That doesn’t imply it’s going to occur, nevertheless it’s a state of affairs price contemplating.”

Looking at the weekly chart, Bennett posits that Bitcoin could also be exhibiting the same sample to April when BTC shaped a neighborhood high.

“BTC additionally bottomed with a bullish engulfing week in July.”

Source: Justin Bennett/Twitter

After the breakdown, the analyst predicts BTC will doubtless bounce to an important value stage the place the main crypto asset can decide that would determine the destiny of BTC for the relaxation of 2021.

“$39,300 is the place I feel we’re heading.

From there, in all probability a bounce to $48,000 – $49,000 to resolve whether or not we get a better excessive or decrease excessive… A decrease excessive or increased excessive from there will likely be telling for the relaxation of the yr if it occurs.”

Looking at Ethereum, Bennett says {that a} shut above a key resistance space is required to verify that this week’s sharp downturn was solely a bear entice. Before that occurs, the analyst says that the $3,300 space leaves ETH susceptible to an extra correction.

“ETHUSDT wants to shut again above the $3,550 – $3,700 area to verify that Tuesday’s selloff was a false break/bear entice.

Until then, the $3,330 assist stage is uncovered with an in depth beneath that opening up $2,900.”

Source: Justin Bennett

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