Here’s what’s planned for Bitcoin (BTC) after the sudden drop, according to Popular Crypto Analyst
A well-known crypto analyst reveals his forecast for Bitcoin (BTC) after the crypto king fell over 6% on March 3.
Analyst Justin Bennett says in a recent newsletter that Bitcoin bulls should keep a close eye on BTC’s $23,130 price.
According to the trader, BTC could see another selloff event if the bulls fail to retake the key price area.
“The key for bulls is a reclaim above the monthly open of $23,130. The longer bitcoin trades below this area, the stronger it becomes as resistance.
If bitcoin bulls fail to reclaim $23,130, we could turn to the $20,800 liquidity pool.
If they can reclaim $23,130, then $23,800 is the next hurdle for buyers.
But for now, bitcoin is rangebound between the January trendline at $21,900 and the monthly open at $23,130.”
Source: Justin Bennett
At the time of writing, Bitcoin is worth $22,491, well below the analyst’s crucial price level.
Looking to Ethereum (ETH), Bennett believes the leading smart contract platform is following in BTC’s footsteps. According to the analyst, as long as it trades below $1,600, ETH could be preparing for the next move down.
“As of now, the $1,600 area is new resistance based on recent closes and lows this week.
The monthly opening is just above that at $1,605, so keep that in mind.
If ETH bulls fail to reclaim $1,605 in the next few days, we are likely to see a retest of the $1,500 support and below that lies the $1,420 support.”
Source: Justin Bennett
At the time of writing, Ethereum is trading at $1,575.
As for blockchain scaling solution Polygon (MATIC), Bennett says the altcoin is looking bearish and seems at risk of a move below $1.
“One slightly worrying thing is that MATIC has failed to rebound above $1.179 today (so far).
This has been a key linchpin since late January, so a daily close below could be significant.
If MATIC closes below $1.1790 the next stop is $1.056 unless it becomes a fakeout of course.
But all in all MATIC is looking increasingly weak so I wouldn’t be surprised if it tests $1.056 in the coming days if not $1 or below.”
Source: Justin Bennett
At the time of writing, MATIC is worth $1.15.
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