Popular crypto analyst Justin Bennett is updating his outlook on the two largest crypto assets by market cap.
Starting with Bitcoin (BTC), Bennett says that the flagship cryptocurrency could surge by up to 40% if it manages to break above the $42,000 resistance level.
“This area between $35,000 and $36,000 is support and $40,000 to $42,000 is resistance. Now as I have said recently, the market would have to get above $42,000 to expose $45,000 to $46,000, followed by that $50,000 to $53,000 resistance area.”
With Bitcoin now threatening to breach resistance at $42,000, Bennett believes that a strong relief rally is on the horizon for BTC.
“I continue to like the idea guys of a significant bounce here over the coming weeks. It’s taken longer than I thought it would, but sometimes that’s the way it goes.”
Bitcoin is trading at $41,490 at time of writing.
Next up is Ethereum (ETH). The crypto analyst says that Ethereum is trading sideways as he offers two likely possibilities.
“If we were to see Ethereum close back below this level here [$2,500] where it’s testing today, then $2,200 would be next…
If we were to see Bitcoin take out $35,000 support and go down to test $30,000, then Ethereum could come down and test $2,000…
Now on the flip side if we see a close above this area up here, right around $2,900, then $3,100 to $3,200 would be next.”
Ethereum is trading at $2,996 at time of writing.
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Featured Image: Shutterstock/Tithi Luadthong