Bitcoin at a Crucial Crossroad: Will it Reach $33,000?

Popular crypto trader Justin Bennett Bitcoin (BTC) stated that is approaching a crucial point.

Bennett suggests that BTC can continue to rise as long as it remains above the $28,800 level.

$BTC is starting to feel more like this if it can hold above $28,800.

May 2022 highs at mid $22k and short liquidations up to mid $33k. #Bitcoin needs to hold above $28,800 and break this minor trend line at $29,900 to materialize. pic.twitter.com/rLgZxSSVzP

— Justin Bennett (@JustinBennettFX) April 27, 2023

He adds that BTC needs to hold above $28,800 and break a minor trend line at $29,900 to materialize.

Bennett has also commented that BTC’s position this weekend will be a “moment of truth,” and it needs to stay above the $28,800 mark to trend higher in May.

BTC could face a second deviation if it fails to hold this level on higher time frames.

Despite BTC closing above $28,800, Bennett has reservations about investing in it due to the total crypto market cap (TOTAL) remaining below the $1.2 trillion range.

Bennett has shared that he is not comfortable longing the crypto at the moment due to mixed signals from TOTAL.

According to the analyst, BTC may reach mid-$33,000s with short liquidations up to that level.

At the time of writing BTC is trading at $29,280 after a 7.6% increase on the weekly chart.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.