August 7, 2022

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The latest cryptocurrency market news for today.

Here’s How Bitcoin (BTC) Can Explode to $50,000 in March, According to Crypto Analyst Justin Bennett

1 min read

A popular crypto analyst is plotting out a roadmap for how Bitcoin (BTC) can recapture the $50,000 level in the coming weeks.

cryptonews.net

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.”

Source: Justin Bennett/YouTube

At time of writing, Bitcoin is up 2.4% on the day and priced at $39,348.

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