Popular cryptocurrency analyst Justin Bennett today revealed his short-term prospects for Bitcoin (BTC), Ethereum (ETH), and VeChain. Bitcoin finds buyers at $ 39,000 at the time of writing, and the level of $ 39,325 has not been exceeded since the 40th noon. In particular, altcoin investors are worried that prices will drop further as the weekend approaches.
Crypto analyst Justin Bennett predicts that Bitcoin (BTC), Ethereum (ETH) and VeChain (VET) will be subject to further corrections before bottoming out. In the latest issue of the Cryptocademy newsletter, Bennett also mentioned that BTC could drop to $35,000.
“I continue to think there is a good chance for Bitcoin to test the $35,000 zone before it hits the low. Of course, that will depend on whether the $37,600 and $39,500 levels are held in the coming days.”
There are basically too many negative developments for Bitcoin, which has been on the rise for a short time with the sale of Twitter. The balance sheets of tech companies are weak, the FOMC meeting is next week and Russia continues to escalate. Finally, Russia, which cuts off the gas flow to Bulgaria, may cause the European economy to take greater blows. Global inflation and political tensions reduce appetite for risky investment options, especially Bitcoin (BTC).
Cryptocurrency analyst Justin Bennett is targeting $2,500 for the leading altcoin Ethereum. Sharing the chart below, the analyst said;
“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. I think the current technical outlook is targeting $2,500.”
According to Bennett, Ethereum could rise by around 60% within months if it drops to the lowest level he predicted.
“I think the probability of Ethereum (ETH) retesting the $2,500 zone before the next upswing occurs is relatively high. If Ethereum bounces there and breaks out of the descending channel in the chart above, I will watch the failed weekly level retest at $4,000 in the coming months.”
Bennett continued his analysis with the local supply chain management blockchain VeChain. According to the crypto analyst, the support level of VeChain is about 10% below its current price and there is a risk of further drop.
“The next key support for VETUSDT is the $0.044 zone, which has been supporting VET since January. If tested, I would expect a good bounce from this zone, maybe if BTC and ETH give us a relief rally this summer, it could go higher to $0.055 and maybe even higher. Alternatively, a daily close below $0.044 will open the door to the next key support at $0.035."