A widely followed crypto analyst says Bitcoin (BTC) is gearing up to skyrocket in the near term.
In a new strategy session, crypto trader Justin Bennett tells According to his 111,100 followers on social media platform
“Maybe a run at $67,000 [for] BTC first if Tether dominance decides to complete this ascending channel. Support is 5-7% below current rates, which could mean a 5-7% rally for Bitcoin or thereabouts. I still think the conditions are a little unfavorable, and it’s Friday, so there’s that.”
The analyst’s chart suggests that USDT’s dominance level will fall to just above 4.6% before rising to over 5%.
Looking at BTC’s hourly chart, Bennett continues participation that he believes the top crypto asset by market cap will rise to around $68,000 before correcting back to around $66,000.
“BTC per hour. Possible scenario considering the USDT.D chart above.”
The analyst concludes by noting that Bitcoin is currently in a “no man’s land” as it is stuck in a specific range outside its extremes. According to Bennett, the biggest opportunities occur when BTC is at its extremes.
“Notice how BTC is hovering in the middle of this lower range. The best/most effortless setups always manifest themselves at the extremes, with the midrange being the best option. Bitcoin is currently in no man’s land.”
Bitcoin is trading at $65,353 at the time of writing, up 2.4% over the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Satean Hawaree/S-Design1689