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29 March 2024
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Bitcoin

Bitcoin Could See A 30% Rally, New Prediction Says

The crypto markets have been relatively stable lately, after a few price corrections that had a lot of investors accumulating crypto.

At the moment of writing this article, BTC is trading in the red and the king coin is priced just above $42k.

The important crypto analyst Justin Bennett just said that there would be a rally for Bitcoin (BTC) that we’ll see in a few days.

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In a new strategy session, Bennett addressed the patterns in BTC’s historic price action that he says show a 20-30% rally is coming up for the king coin.

Bennett explained the fact that since early 2021, whenever Bitcoin sees a massive price dip, it usually falls below that point again in the following days or weeks before rallying.

Bitcoin could be ready to see a significant price surge

According to him, BTC may be in the phase of this process where it’s ready to surge.

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“Ever since early 2021, you can see where we get the low below the liquidation wick, we then get a move higher. Every single time this has occurred. The average move for Bitcoin is about 63%, so if you average out all these moves it’s about 63%. The smallest one was back here [in April], and this was about 27%…”

He continued and explained the following:

“If we use past price action to get an idea of what’s likely here, and we look from the low down here at $40,000…”

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He also said that if we did get something like that smallest move around 27%, it would put the market up here right around $50,000.

He said that such a move would actually make a lot of sense because we know that this area between $50,000 and $53,000 is likely to be significant.

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