Daily Hodl Staff
Crypto analyst Justin Bennett is predicting that Bitcoin (BTC), Ethereum (ETH) and VeChain (VET) are set to undergo further corrections before bottoming out.
In the latest issue of his Cryptocademy newsletter, Bennett says BTC could drop to a low of $35,000.
According to the crypto analyst, when Bitcoin rises depends on how the various support levels below the current price behave.
“I continue to think there’s a decent chance Bitcoin tests the $35,000 region before the low is in.
Of course, that will depend on whether or not levels like $37,600 and $39,500 hold or not in the coming days.”
Bitcoin is trading at $39,389 at time of writing.
Next, the crypto analyst says that the second-largest crypto asset by market cap, Ethereum, is exhibiting a chart pattern that indicates ETH could fall to $2,500.
“ETH continues to move lower within a descending channel from the April high.
It also broke below a short-term bear flag pattern just the other day…
The objective of that structure puts the upcoming low at around $2,500.”
According to Bennett, Ethereum could surge by around 60% in months if it falls to the low he foresees.
“I think the odds are relatively high that we see ETH retest that $2,500 region before the next leg higher materializes.
If Ethereum bounces there and breaks free from the descending channel in the chart below, I’ll be eyeing a retest of the failed weekly level at $4,000 in the coming months.”
Ethereum is trading at $2,887 at time of writing.
Bennett wraps up his analysis with the native token of supply chain management blockchain VeChain.
According to the crypto analyst, VeChain’s support level now lies about 10% below its current price, though there’s a risk of dropping even further.
“The next key support for VETUSDT is the $0.044 region, which has supported VET since January.
I’d expect a decent bounce from that region if tested, perhaps back to $0.055 and maybe even higher if BTC and ETH give us a relief rally this summer.
Alternatively, a daily close below $0.044 would open up the next key support at $0.035.”
VeChain is trading at $0.0509 at time of writing.
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