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.
Most are underestimating the level of FOMO that will occur above $65,000 $BTC.
Everyone thought the bull market was over. If it isn’t and #Bitcoin reclaims $65,000, we’ll see a FOMO event like never before. In which case, $200,000+ through EOY is very much on the table. pic.twitter.com/daiDhNrfpY— Justin Bennett (@JustinBennettFX) August 9, 2021
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 second to last key resistance for $BTC before new all-time highs is the $47,000 region. The last is, of course, $65,000.
Flip $47,000 to support on the daily and weekly time frames, and the bull run likely continues to $100,000+.
Looking for $40,000 to hold as support. pic.twitter.com/pCmaApk05Q— Justin Bennett (@JustinBennettFX) August 9, 2021
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.