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 reclaimed the $24,000 price level after a 2.50% increase over the past 24 hours and is currently trading at $24,573.
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 informed his 11,100 YouTube fans that the currency will easily reach the $26,500 range if Bitcoin manages to cross $24,200. Now, the target looks prominent as Qing currency is trading above $24,500.
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 major currency crawls above $26,500, bitcoin will have to beat the bears in the $30,000 area to drive massive bulls up to 46% from its current trading price. Can you Only then can the price reach the next target of $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 added that for the breakout to be confirmed, bitcoin price must trade above two important price levels at $23,450 and $24,500. However, the first born currency is already trading above the above 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 10 August, the Consumer Price Index (CPI) was released, which confirmed that US inflation for the month of July fell to 8.5%.
