KOL Justin Bennett Updates Bitcoin Outlook During Market Uncertainty

Prominent analyst Justin Bennett charts the key support and resistance levels for Bitcoin (BTC) after the unexpected midweek drop that rocked the entire crypto market.

As Bitcoin struggles to hold $40,000 after a 10% drop in just two days, Justin Bennett believes there will not be another 25% or 50% drop.

“I think it’s too early to ask for $30,000 or $20,000. Can it happen? Yes, I could be wrong, but many supports still hold.

So until we see Bitcoin close below these levels, the bullish outlook stands.”

Bennett has a target of $39,600 as a key level Bitcoin must hold and advises against going short despite BTC’s recent sharp drop.

“The $39,600 area is a key area of ​​support. Yep, Bitcoin broke below $42,000 yesterday. However, shorting at current prices is not advisable simply because BTC remains above $39,600.”

BTC/USDT daily chart | Source: TradingView/Justin Bennett

Looking at BTC’s upside potential, the analyst is pointing out two levels of resistance that BTC must clear before he believes a return to $50,000 is possible.

“Price needs to break $42,000 and then $46,000 every now and then for resistance.

Remember that $46,200 is Bitcoin’s annual open. So a close above that level should see BTC shoot into the $50,000 region.”

At the time of writing, Bitcoin is down 0.55% to $40,005. It has been above $40,000 since February 4th and quickly reached $45,000 on February 10th.

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