Prominent analyst Justin Bennett outlines what’s in store for Bitcoin (BTC) and Ethereum (ETH) as the crypto market shows signs of uncertainty.

In a new video, Bennett says BTC must break a key resistance area to pave the way for a rally to $50,000.

“What bitcoin needs to do now is just above $46,000… to confirm a breakout. With $46,200 as the key since this is the annual opening…

If that happens and we see a daily close above $46,200 then this zone [$ 45.659 – $ 46.215] turns to support and the next stop will be the $50,000 – $53,000 zone.”

BTC/USDT daily chart | The source: Justin Bennett/YouTube

Bennett also said Bitcoin is likely to be traced before it takes off.

“But I also think BTC could retest support here at around $42,000 or just below before moving higher.”

Bitcoin is trading at $42,385 at press time.

Moving on to Ethereum, Bennett says that the second largest cryptocurrency by market cap needs to turn the $3,250 resistance level into support to move higher.

“Ethereum needs to break above the resistance line ($3,250) to continue the uptrend. So, the bulls need to clear this zone on a daily close to turn it into support. If successful, the next target is $3,600.

Meanwhile, if we see a pullback, keep an eye in the $2,800-$2,900 zone.

This is where ETH could form a potential head and shoulders pattern.”

ETH/USDT daily chart | The source: Justin Bennett/YouTube

Analysts consider the formation of an inverse head and shoulders pattern as a bullish signal that suggests that a trend reversal is imminent.

Ethereum is trading at $2,903 at press time.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page