Popular cryptocurrency analyst Justin Bennett has revealed on social media he believes the price of bitcoin could hit $200,000 by the end of the year if the cryptocurrency manages to stay above two key levels in the near future.
In a Twitter thread published to his followers on the microblogging platform Bennett, who’s also the founder of the CryptoAcademy newsletter, said most market participants are “underestimating the level of FOMO [Fear of Missing Out] that will occur above $65,000” for the cryptocurrency, suggesting that if bitcoin breaks through its all-time high, new investors will pile in.
Per his words, if BTC hits $65,000 and fear of missing out sets in, $200,000 by the end of the year is a possibility.
He added he is an “eternal optimist” and there are no guarantees when it comes to the price of the cryptocurrency. Before hitting $65,000, BTC’s price will have to stay above another key level according to him, ad that’s the $47,000 mark.
In a separate tweet, the analyst noted that if bitcoin manages to surpass the $47,000 mark and turn it into a support zone, the cryptocurrency could be on its way to the $100,000 mark.
The analyst also looked at the second-largest cryptocurrency by market capitalization, Ethereum, noting it’s forming a bullish pattern within an ascending channel, as the Daily Hold reports.
Per the analyst, Ethereum could surge to $18,000 in the future, which would represent a significant rise from the cryptocurrency’s current price above the $3,000 level. Notably, the price prediction is close to one from former Goldman Sachs executive Raoul Pal, who said Ethereum could go to $20,000 this cycle based on Metcalfe’s law-
Bennett also noted Ethereum has been “a trader’s dream since July’ as there have been “no shortage of opportunities” since its support at $1,700 held. Notably, Pal has called Ethereum the “greatest trade” setup he has ever seen as the cryptocurrency’s fundamentals suggest it has large upside potential.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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