Bullish start to the day! The crypto market has opened the day on a bullish note as major cryptocurrencies like Bitcoin, Ethereum, Cardano, Solana and others are back on green signal.
Bitcoin price has reclaimed the $24,000 price levels and is currently trading at $24,573 after a surge of 2.50% over the last 24hrs.
Meanwhile, a well-known crypto analyst and trader, Justin Bennett discloses his analysis and says that the flagship currency will soon see a leg up by 50%.
The analyst informs his 11,100 YouTube admirers, if Bitcoin manages to surpass $24,200 then the currency will easily acquire a $26,500 range. Now, as the King currency is trading above $24,500, the target looks eminent.
He had predicted that if Bitcoin successfully grabs the price levels above $23,450 and $24,200 the next immediate resistance lies near $25,000. Next, after $25,400 Bennett the resistance barrier lies at $26,000 and $26,500.
Additionally, the strategist claims that once the flagship currency crawls above $26,500, Bitcoin must defeat the bears at $30,000 area to see a massive bull run by 46% from its present trading price. Only then the price could hit the next target at $38,000.
$30k Is Crucial For Bitcoin Price
Justin Bennett stresses over the $30,000 price area because this was the range around which the consolidation was seen in the month of May. Hence, this plays an important area.
He then says that for the breakout to be confirmed, Bitcoin price should trade above the two important price levels of $23,450 and $24,500. However, the first born currency is already above the aforementioned price levels, confirming the breakout.
The crypto researcher then talks about inflation and says the US inflation rate has always laid its effect on Bitcoin’s price movement. He says, if the inflation rate drops, the rate hikes will see a break and hence a bullish market.
On August 10, the Consumer Price Index (CPI) was released which confirmed that the US inflation for the month of July has plunged to 8.5%.