Crypto Strategist Justin Bennett Updates Outlook on Bitcoin (BTC), Ethereum (ETH), and Two Popular Altcoins

A widely-followed crypto analyst foresees impending bounces for top cryptos Bitcoin (BTC) and Ethereum (ETH) while highlighting support levels for two popular altcoins.

In a recent YouTube update, crypto trader Justin Bennett tells his 8,470 subscribers that a substantial Bitcoin bounce could be on the horizon.

“I would expect, at some point over the coming weeks, at least a 20-30% bounce from BTC.”

With Bitcoin currently trading for $43,122, a 20-30% upswing would mean that Bennett expects BTC to reach somewhere between $50,000-$56,000 in the coming weeks.

Looking at leading smart contract platform Ethereum, Bennett points out that $3,000 has held support recently. However, he warns that ETH may dip lower before bouncing back.

“So if we do see [ETH] close below [$3,000], there’s a chance that we see it move down into support right around $2,800, maybe $2,900, and then we get that bounce.”

Ethereum is trading for $3,252.36 at time of writing, just north of the $3,000 support zone highlighted by Bennett.

Bennett then looks at payments and decentralized finance blockchain Algorand (ALGO) and notes that it might currently be in a bullish formation, even if the price dips lower.

“We’ve had this channel that’s developed which could be a bullish formation if the market can find support down here around $1.15.

If we get a re-test [of $1.15] towards the end of January, this is going to be a confluence of support, right around $1.15. If we do get a bounce from there, the next resistance is going to come in here around $1.50 to $1.60.”

With Algorand currently trading at $1.31, a drop to $1.15 would represent a 12% dive.

Finally, Bennett looks at enterprise solution blockchain VeChain (VET) and notes that $0.06 has served as VET’s support over the last year.

“If we see VeChain close below $0.07, then keep an eye on $0.06-$0.065.

Because this going to be a must hold for buyers… and could produce a favorable buying opportunity.

I think any rotation into $0.06-$0.065 could produce a healthy bounce.”

VeChain is trading for $0.074 at time of writing, up 3.61% in the last 24 hours.

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The post Crypto Strategist Justin Bennett Updates Outlook on Bitcoin (BTC), Ethereum (ETH), and Two Popular Altcoins appeared first on The Daily Hodl.