Home Markets Top Analyst Calls Next for Bitcoin, Ethereum and Rest of Crypto Markets After Midweek Slump

Top Analyst Calls Next for Bitcoin, Ethereum and Rest of Crypto Markets After Midweek Slump

Top Analyst Calls Next for Bitcoin, Ethereum and Rest of Crypto Markets After Midweek Slump

A widely followed crypto trader traces Bitcoin (BTC) and Ethereum (ETH) after the BTC bid failed to recover $23,450.

In the latest edition of his Cryptocademy newsletter, analyst Justin Bennett said BTC oscillates between support levels.

“Bitcoin tried to reclaim $23,450 but failed. BTC also closed the day below $23,000, which could be problematic for the relief rally as this level is likely to act as resistance now.

The next key support for BTC is $22,400 followed by the $21,600 level.

BTC will need to recover $23,000 and $23,450 on a daily closing basis to become constructive again.

Source: Justin Bennett/Cryptocademy

BTC is trading for $23,114 at the time of writing.

Ethereum’s current value of $1,650 comes as no surprise to Bennett, who says ETH is weak below the $1,700 mark.

“ETH is still very sideways and looks relatively weak below $1,700. This close below the level over the weekend still serves as a fake.

For now, the $1,520 area should serve as critical support for ETH should we see the markets pull back this week. A close below that would open $1,420 again.

Ethereum will need to close one day above $1,700 to become constructive again. Until then, the market will remain under pressure.

Source: Justin Bennett/Cryptocademy

Total Crypto Market Cap Analysis (TOTAL), an indicator of market strength, Bennett suggests that the crypto market capitalization could rally to the $1.15 trillion level.

“TOTAL is barely holding the $1.035 trillion support level. The market attempted to recover $1.05 trillion today but ultimately failed.

If $1.035 trillion fails this week and we get a daily close below that, a move towards $985 billion seems likely, if not a full retracement to $960 billion.

Alternatively, a rally from $1.035 trillion and recovery above $1.05 trillion would be bullish for the crypto market and open the door to $1.15 trillion.

Source: Justin Bennett/Cryptocademy

According to CoinMarketCap, TOTAL currently resides at $1.07 trillion.

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Feature image: Shutterstock/Sergey Nivens/Sol Invictus


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