Amidst the crypto winter that was negatively affected by several macroeconomic factors, such as the recently released CPI data, some prominent crypto analysts believe that the crypto market is ready to start a small bullish rally in the coming weeks.
Justin Bennett, a highly experienced cryptocurrency trader and analyst, predicts that two leading cryptocurrencies – Bitcoin and Ethereum – are waiting to start a bull run later this month.
Bitcoin will leave bears in disbelief!
It looks like the bulls will be back in the game soon as a prominent cryptanalyst, justin bennettnow he assures investors that Bitcoin will soon have a short-term bullish momentum.
The analyst noted that Bitcoin recently broke its diagonal resistance that once pushed the entire crypto market, including BTC, into a downtrend from November 2021.
Justin said: “BTC reversed today from the linear trend line from the all-time high.” The diagonal pattern of the Bitcoin high price trend touches $19,400, which was broken on Oct. 3.
The analyst believes that it can act as an indicator of Bitcoin’s bullish rally in late October. According to him, Bitcoin is projected to experience a 40% uptrend and hit a target of $27,000.
Justin also looked at the Bitcoin inverted chart to cross check his analysis of different scenarios. According to his research, bitcoin may reach the target price by the end of December 2022.
However, Justin warned investors that Bitcoin could witness a short-term downtrend and trade below $19K before starting its bullish rally. Explaining this, Justin said: “There is a liquidity gap of $18,500.
Markets are still sideways with lower wicks to fill, and we are entering a weekend. Not to mention the deviation above $19,540.”
Uptober: Effect of the October Uptrend on the Crypto Market
Justin Bennett further expanded his analysis and predicted that Ethereum is also forming a bullish structure as it managed to rebound from its crucial support level of $1100 on Oct 13.
The analyst stated: “What a bullish ETH rally. Bears in disbelief. Send it.” At the time of writing, Ethereum is trading at $1,286, up 0.5% since yesterday. Based on Justin’s analysis, Ethereum is forecast to hit $1,480 in the coming days.
Looking at the past performance of the cryptocurrency market, October may turn out to be an astronomical month for cryptocurrency investors. Crypto analysts see this month as ‘Until October’, which may be profitable for the entire market, specifically for Bitcoin and Ethereum.
According to data from Coinglass, October has been historically positive for Bitcoin and Ethereum, with average returns of 30% and 6%, respectively, since inception.
Another prominent crypto strategist, James Altucher, said: “Let’s see how October compares to other months in Bitcoin history. Here you can see September is red August is like the balance point.
But October is the third best month historically. And that’s why a lot of people refer to him as Uptober.” James also predicts that Bitcoin may hit $26K following its historic price move in October.
The Bitcoin Chart No One Talks About… – YouTube
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This post Bitcoin and Ethereum are preparing for a bull rally! Analyst predicts the next price levels
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