A widely followed crypto analyst says that Bitcoin (BTC) is gearing up to skyrocket in the short term.
In a new strategy session, crypto trader Justin Bennett tells his 111,100 followers on the social media platform X that the crypto king could find itself near the $67,000 level if the dominance level of stablecoin Tether (USDT) continues its ascent.
“Maybe a run at $67,000 [for] BTC first if Tether dominance decides to complete this ascending channel. Support is 5-7% below the current rate, which could mean a 5-7% rally for Bitcoin or thereabouts. I still think conditions are a bit unfavorable, and it’s Friday, so there’s that.”
Source: Justin Bennett/X
The analyst’s chart suggests that USDT’s dominance level will dip to just above 4.6% before rising to over 5%.
Looking at BTC’s hourly chart, Bennett goes on to say that he believes the top crypto asset by market cap will shoot up to around the $68,000 price tag before correcting back down to about $66,000.
“BTC hourly. Possible scenario given the USDT.D chart above.”
Source: Justin Bennett/X
The analyst concludes by noting that Bitcoin is currently in “no man’s land” due to it being stuck in a specific range outside of its extremes. According to Bennett, the greatest opportunities present themselves when BTC is at its extremes.
“Notice how BTC is hovering in the middle of this lower range. The best/most effortless setups always materialize at the extremes with the mid-range being the next best option. Bitcoin is in no man’s land presently.”
Source: Justin Bennett/X
Bitcoin is trading for $65,353 at time of writing, a 2.4% increase during the last 24 hours.
