Bitcoin is showing signs of a rally similar to its impressive gains earlier this year. Renowned crypto strategist Justin Bennett has shared insightful technical analysis on Bitcoin’s price movements. In a recent post on social media platform X, Bennett pointed out that Bitcoin’s daily chart is forming an upward channel, which could signal the beginning of another major rally.
Bitcoin’s Technical Setup: What Does the Upward Channel Indicate?
Justin Bennett highlighted that Bitcoin is replicating a similar channel pattern observed in the first quarter of this year. According to the analyst, such technical structures often suggest a bullish market sentiment. “A similar channel emerged last December and January, and Bitcoin’s price doubled shortly after,” Bennett stated.
The upward channel indicates potential higher highs and higher lows for Bitcoin’s price. Bennett noted that while BTC experienced a brief dip in February, it reclaimed the channel’s support shortly after. He believes a similar scenario could unfold this year, signaling optimism for the broader market.
Key Support and Resistance Levels for Bitcoin Bull
Bennett forecasts that reclaiming the $100,000 level could trigger a strong rally for Bitcoin. “Dips, in my view, are buying opportunities. However, the highest confidence comes from regaining the resistance zone between $99,000 and $102,000,” he explained.
The analyst also emphasized the importance of maintaining the $95,700 support level. “If this support is lost, we could see some weakness in Bitcoin’s market activity,” Bennett added. He further predicted that, should these levels hold, Bitcoin could aim for targets between $110,000 and $120,000 by 2025.
At the time of writing, Bitcoin is trading at $95,889, according to market data. These insights into support and resistance levels could play a crucial role in helping investors anticipate future price movements.
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