A popular crypto analyst is plotting out a roadmap for how Bitcoin (BTC) can recapture the $50,000 level in the coming weeks.
In a new strategy session, crypto strategist Justin Bennett digs into BTC’s recent price action and suggests that the leading crypto might have established a local bottom after Bitcoin managed to stay above $35,000.
“I want to show you what I’m looking for in March – this potential setup that could have Bitcoin trading up toward the $50,000 area over the next few weeks…
We have two lows down here [$34,700 both in mid-January and this past week]. This is a potential double bottom for the market.
The confirmation for this is not only above $39,600, that’s step one. Step two is a close above $46,000. That’s the high from back here [approximately February 11th], so this would be the neckline of the double bottom pattern.”
Bennett cites two key levels which, if reached, could launch Bitcoin back above $50,000.
“We need to see a daily close above $39,600. Also a daily close above $46,000 area.
That will expose this area between $50,000 and $53,000. This has been a key level on the chart for the past few months.”
At time of writing, Bitcoin is up 2.4% on the day and priced at $39,348.