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.
READ MORE: Crypto Analyst Advises Traders to Avoid Trading in Bitcoin’s Unreliable 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.