Crypto analyst Ben Armstrong forecasts a Bitcoin rally to $50,000, emphasizing its rebound from crucial support, marking the third occurrence. Additionally, Armstrong predicts a target of $11 for Cardano, the layer-one blockchain cryptocurrency.
Renowned crypto influencer Ben Armstrong predicts a Bitcoin surge to $50,000 following the cryptocurrency’s rebound from crucial support. In a recent video, Armstrong highlights that BTC has consistently bounced off this level for the third time.
Analyst Predicts Bitcoin Surge and Cardano’s Rise
In a recent YouTube video, influential crypto analyst Ben Armstrong emphasized the robust support at the $40,000 level for Bitcoin (BTC), which has proven resilient through three consecutive bounces. Despite slight variations across crypto exchanges, Armstrong sees this consistent pattern as a strong indicator. He confidently maintains his prediction that Bitcoin will rally to $50,000, with the latest bounce reinforcing this outlook.
Armstrong illustrated on the BTC chart that the first bounce catapulted the price above $44,400, and the subsequent rebound surpassed $49,000. Anticipating a similar outcome, he believes the latest bounce will propel BTC above the $50,000 mark. While expressing bullish sentiment, Armstrong also acknowledges the potential for Bitcoin to revisit the support region. Consequently, he advises viewers to consider profit-taking during the projected rally.
Shifting attention to Cardano (ADA), Armstrong notes a forecast by analyst Ali Martinez, who predicted a $7 target for the altcoin based on its alignment with the 2020 trend. However, Armstrong presents a more optimistic projection, estimating an $11 target for Cardano, a layer-one blockchain token.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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