Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

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October 21, 2021 by J.D. Smith
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Widely followed crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could launch the crypto asset by nearly 400%. In a series of tweets, Bennett explains how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions. ADVERTISEMENT   “If $BTC breaks

Widely followed crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could launch the crypto asset by nearly 400%.

In a series of tweets, Bennett explains how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.

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“If $BTC breaks $65,000 without a significant pullback first, $ETH probably matches it with a close above the May trend line.

Would put ETH on track for $20,000 in January.

This is my trigger to ape in more than I already am.”

Source: Justin Bennett/Twitter

Bennett thinks that a $20,000 top for ETH is more likely given that too many traders are calling for a high of $10,000. He contends that most traders underestimate the rush of capital that can flow in during a parabolic run.

Despite his bullish thesis, Bennett warns traders about a potential dump in the short term that could wipe out overleveraged traders.

“Don’t be surprised if we get a flush this week, potentially toward $53,000 BTC, then all-time highs.

Everyone, including me, is hyper bullish right now, and rightfully so. But that’s when liquidations tend to occur.

Sunday’s $58,900 low is the proverbial line in the sand.”

In response to another crypto trader’s bull run hypothesis, Bennett gives his outlook on the market cycle, expecting a peak Bitcoin price between $207,000 and $270,000 followed by an 80% correction.

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