Crypto Analyst Justin Bennett Says Bitcoin (BTC) Is Gearing up to Skyrocket in the Short Term

In a new strategy session, crypto trader Justin Bennett tells his 111,100 followers on the social media platform X that the crypto king could find itself near the $67,000 level if the dominance level of stablecoin Tether (USDT) continues its ascent.

Popular crypto analyst says Bitcoin (BTC) is poised to shoot up imminently.

In a new strategy session, crypto trader Justin Bennett tells his 111,100 followers on social media platform X that the crypto king could be heading towards the $67,000 level if the stablecoin tether (USDT) dominance continues its rally.

“Maybe a run at $67,000 [for] BTC first if tether dominance decides to complete this ascending channel. Support is 5-7% below the current rate, which could equate to a 5-7% rally for Bitcoin or thereabouts. I still think conditions are a bit unfavorable, and it’s Friday, so there’s that.”

The analyst’s chart shows USDT’s dominance dipping to just above 4.6% before rising to over 5%.

Zooming out to BTC’s hourly chart, Bennett says he can see the top crypto asset by market cap rallying up to the $68,000 price level before correcting back down to around $66,000.

“BTC hourly. Possible scenario given the USDT.D chart above.”

The analyst concludes by saying that Bitcoin is currently in “no man’s land” as it trades within a specific range outside of its extremes. According to Bennett, the best trading opportunities present themselves when BTC is at its extremes.

“Notice how BTC is hovering in the middle of this lower range. The best/most effortless setups always materialize at the extremes with the mid-range being the next best option. Bitcoin is in no man’s land presently.”

Bitcoin is trading at $65,353 at the time of writing, up 2.4% over the last 24 hours.

Featured Image: Shutterstock/Satean Hawaree/S-Design1689

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