Crypto analyst Justin Bennett says that Bitcoin (BTC) may be gearing up to steal the show from the rest of the crypto markets.
Bennett tells his 86,000 Twitter followers that Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto market, is standing on a strong support level.
At the same time, Bennett says Bitcoin is making an attempt to make a break past a critical resistance point.
“This could be where Bitcoin starts to outpace altcoins for a bit.
It’s no surprise that BTC is making a move on a key breakout level at $64k while BTC.D has just come into support.”
The analyst says that if Bitcoin can convincingly secure a spot above $63,700, then the king crypto should be able to maintain momentum to all-time highs. Based on his chart, Bennett thinks BTC just broke free from a bearish descending channel.
“BTC is testing $63,700.
Get above that, and we’re back to $67,000 and a new all-time high.”
The crypto analyst says he’s got his eye on a fractal from 2017. Fractals are geometric patterns within price movements that sometimes repeat over time. According to Bennett, Bitcoin continuing to follow the 2017 fractal could suggest that BTC hits $80,000 in the next two weeks.
“The 2017 BTC fractal has been accurate since June.
Currently shows $80kish in the next two weeks, followed by a mid-November pullback to $65k. Then $100k+ in December.
Let’s see.”
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The post Bitcoin May Be at the Point Where It Starts To Outpace Altcoins: Crypto Analyst Justin Bennett appeared first on The Daily Hodl.
source https://dailyhodl.com/2021/11/02/bitcoin-may-be-at-the-point-where-it-starts-to-outpace-altcoins-crypto-analyst-justin-bennett/