bGood start to the day! The crypto market has opened the day sharply as major cryptocurrencies such as Bitcoin, Ethereum, Cardano, Solana and others.
Bitcoin price reclaimed the $24,000 price level after a 2.50% increase over the past 24 hours and is currently trading at $24,573.
Meanwhile, Justin Bennett, a well-known cryptocurrency analyst and trader, revealed his analysis and said that the major currency will soon rise by 50%.
The analyst informed his 11,100 YouTube fans that the currency will easily reach the $26,500 range if Bitcoin manages to cross $24,200. Now, the target looks prominent as Qing currency is trading above $24,500.
He predicted that the next immediate resistance would be near $25,000 if bitcoin successfully holds the price levels above the $23,450 and $24,200 levels. Next, resistance lies at $26,000 and $26,500 after Bennett’s $25,400.
Additionally, the strategist claims that once the major currency crawls above $26,500, bitcoin will have to beat the bears in the $30,000 area to drive massive bulls up to 46% from its current trading price. Can you Only then can the price reach the next target of $38,000.
$30k is crucial to the price of bitcoin
Justin Bennett emphasized the $30,000 price zone as this was the range around which the month of May saw consolidation. Therefore, it plays an important area.
He then added that for the breakout to be confirmed, bitcoin price must trade above two important price levels at $23,450 and $24,500. However, the first born currency is already trading above the above price levels, confirming the breakout.
The crypto researchers then talk about inflation and say that the US inflation rate has always had its influence on the price movement of bitcoin. He says, if the rate of inflation falls, the rate hike will stop and hence the market will pick up.
On 10 August, the Consumer Price Index (CPI) was released, which confirmed that US inflation for the month of July fell to 8.5%.