Crypto analyst Justin Bennett is seeing a familiar pattern in Bitcoin’s price chart, one that he believes could signal a significant price increase.
A Bullish Pattern Emerges
Bennett, who boasts a large following on X (formerly Twitter), points to an “ascending channel” forming on Bitcoin’s daily chart. This pattern, characterized by higher highs and higher lows, is generally considered bullish. He notes that a similar pattern appeared earlier this year, around the $36,000 mark, preceding a doubling of Bitcoin’s price.
History Repeating Itself?
Bennett believes history might be repeating itself. He highlights a similar pattern observed late last year, which also preceded a significant price surge. He’s optimistic that if Bitcoin can reclaim the $99,000-$102,000 range as support, further rallies to $110,000 and even $120,000 by 2025 are possible.
Key Support Level
However, Bennett emphasizes the importance of holding the $95,700 support level. A break below this could change the outlook. At the time of writing, Bitcoin is trading just above this crucial level.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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