Crypto analyst Justin Bennett predicts that Bitcoin (BTC) and 2 altcoins will make more corrections before bottoming out. Bennett also says that BTC could drop to $35,000. Another famous cryptocurrency analyst, Michaël van de Poppe, says that BTC must surpass $40,000 to continue rising. The analyst also explains his views on the 2 altcoins on his list. As Kriptokoin.com, we convey the opinions and analyzes of famous analysts.
Analysts draw attention to these levels for Bitcoin
According to the famous crypto money analyst Justin Bennett, Bitcoin’s ability to hold at high levels, it depends on how the various support levels below the current price behave. The analyst said the following about Bitcoin.
I continue to think there is a good chance for Bitcoin to test the $35,000 region before the low hits. Of course, this will depend on whether the $37,600 and $39,500 levels are held in the coming days.
Closely followed crypto analyst Michaël van de Poppe is examining Bitcoin (BTC) against the US Dollar Index (DXY). The analyst says that BTC must surpass the $40,000 levels to continue to rise. Van de Poppe stated that Bitcoin will experience an upward trend in the near future, and the DXY chart also gives a bullish signal, adding:
The critical area in Bitcoin is $40,000. If this level is broken and reversed, I think $43k is next. The dollar is also close to rising.
Here are the 4 altcoins on analysts’ radar
Crypto analyst Bennet says that Ethereum, the leading altcoin by market cap, is displaying a chart pattern that shows it could drop to $2,500. The analyst says that Ethereum could rise by about 60 percent in months if it drops to the low he predicted, adding:
ETH continues to fall in a descending channel from its April peak. It also fell below a short-term bear flag pattern the other day… The purpose of this technical view is to set the upcoming low at around $2,500. I think the odds of ETH retesting the $2,500 zone before the next uptrend happens are relatively high. If Ethereum bounces there and recovers from the descending channel on the chart below, I will watch a retest of the failed weekly level at $4,000 in the coming months.
Bennett also explains that he is monitoring VeChain and analyzing the altcoin project. According to the crypto analyst, VeChain’s support level is about 10 percent below its current price, but there is a risk of further drop. The analyst comments on the altcoin as follows:
The next key support for VET is the $0.044 region, which has been supporting VET since January. If it is tested, I would expect a good bounce from this area. Maybe if BTC and ETH give us a relief rally this summer, VET could climb to $0.055 and maybe even higher. Alternatively, a daily close below $0.044 will open the next key support at $0.035.
Michaël van de Poppe, on the other hand, expects a price drop for Ethereum rival altcoin Fantom (FTM) before buying. Finally, the analyst also evaluates the frequently mentioned altcoin ApeCoin (APE). Van de Poppe says the APE will experience a pullback before the rise, adding:
“Well, the APE didn’t give the input I wanted, but it’s in the profit-taking zone. If the price declines to the $18.40 or $19.30 levels, it could be considered a buying opportunity.