A popular crypto analyst says Bitcoin and Ethereum can pull off massive rallies before the end of 2021 as traders underestimate the second leg of the bull market.
Justin Bennett tells his 61,600 Twitter followers that he expects Bitcoin to launch a staggering rally, well above the six-figure level, should the leading cryptocurrency shatter its current all-time high of $65,000.
“Most are underestimating the level of FOMO (fear of missing out) that will occur above $65,000 $BTC.
Everyone thought the bull market was over. If it isn’t and Bitcoin reclaims $65,000, we’ll see a FOMO event like never before. In which case, $200,000+ through EOY (end of year) is very much on the table.”
Although a $200,000 BTC is in the realm of possibilities, Bennett says that the path to a new all-time high won’t come easy.
“As always, there are no guarantees. Also, Bitcoin has a lot of work to do to reclaim $65,000. It won’t be easy. That said, I think many are still underestimating the potential for a second leg to this bull run.”
He’s also highlighting a key resistance for Bitcoin that if taken out, will likely ignite a run to $100,000.
“The second to last key resistance for BTC before new all-time highs is the $47,000 region. The last is, of course, $65,000. Flip $47,000 to support on the daily and weekly timeframes and the bull run likely continues to $100,000+. Looking for $40,000 to hold as support.”
Bennett is also looking at Ethereum, which he says is forming a bullish pattern inside a huge ascending channel.
“Another massive ascending channel. Not shocked.”
Based on the trader’s chart, the leading smart contract platform could top out at $18,000, representing a possible rise of over 475% from its current price of $3,130.
In the short term, Bennett sees the second-largest crypto asset surging to $3,600 provided it holds a key level.
“ETH has been a trader’s dream since July. No shortage of opportunities since rebounding from $1,700.
The next stop is $3,600 as long as $2,900 holds as support.”