Bitcoin $95,971.3exhibits a similar activity to the large increases experienced at the beginning of the year. Famous cryptocurrency strategist Justin Bennett made striking analyzes on the technical outlook of Bitcoin. In his comment shared on the social media platform X, Bennett said that Bitcoin created a rising channel on the daily chart. He stated that this channel could herald a new rally in BTC’s price movements.
Technical Outlook of Bitcoin: What Does the Ascending Channel Signal?
Justin Bennett pointed out that Bitcoin has recreated a similar channel that it saw in the first quarter of the year. The analyst emphasized that this technical structure generally presents a positive market outlook. “A similar channel was formed in December and January last year. “The price of Bitcoin had doubled following this structure,” he said.
Bennett stated that this channel could create higher tops and bottoms in the Bitcoin price. Reminding that BTC experienced a short-term decline in February but regained channel support, the analyst thinks that a similar scenario may be repeated this year. This technical pattern signals that the market may be moving in an overall optimistic direction.
Bitcoin’s Support and Resistance Levels
Bennett predicts that if BTC regains the $100,000 level, it could lead to a strong rally. The analyst said, “In my eyes, declines are buying opportunities. However, the best accuracy lies in regaining the resistance area between $99,000 and $102,000,” he said.
Additionally, Bennett pointed out that Bitcoin bulls should protect the support at $95,700. “If it loses this support, Bitcoin’s market movements may weaken,” he said. The analyst stated that if these levels are maintained, BTC can reach its targets of $110,000 to $120,000 in 2025.
Bitcoin is trading at $95,889 as of the moment the article was published. These determinations of analysts’ support and resistance levels can play an important role in investors’ prediction of future market movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
