• Bitcoin could reach $200,000 by the end of the year if it breaks through these key levels, according to a cryptocurrency analyst

  • Popular cryptocurrency analyst Justin Bennett recently stated on social media that he believes the price of bitcoin could reach $200,000 by the end of the year if it can maintain a price above two key levels in the near future.

    Bennett, the founder of the CryptoAcademy newsletter, said in a Twitter thread published to his followers on the microblogging platform that most market participants are “underestimating the level of FOMO [Fear of Missing Out] that will occur above $65,000” for the cryptocurrency, implying that if bitcoin breaks through its all-time high, new investors will pour in.

    According to him, if BTC reaches $65,000 and the fear of missing out sets in, $200,000 by the end of the year is a real possibility.

    He added that he is an “eternal optimist” and that there are no guarantees when it comes to the cryptocurrency’s price. Before reaching $65,000, BTC’s price must remain above another key level, according to him, and that is the $47,000 mark.

    In a separate tweet, the analyst stated that if bitcoin can break through $47,000 and turn it into a support zone, it could be on its way to $100,000.

    The analyst also examined Ethereum, the second-largest cryptocurrency by market capitalization, noting that it is forming a bullish pattern within an ascending channel, according to the Daily Hold.

    According to the analyst, Ethereum could reach $18,000 in the future, representing a significant increase from the cryptocurrency’s current price above the $3,000 mark. Notably, the price forecast is similar to one made by former Goldman Sachs executive Raoul Pal, who predicted that Ethereum could reach $20,000 this cycle based on Metcalfe’s law.

    Bennett also stated that Ethereum has been “a trader’s dream since July,” with “no shortage of opportunities” since its support at $1,700 was maintained. Notably, Pal has referred to Ethereum as the “greatest trade” setup he has ever seen, citing the cryptocurrency’s fundamentals as indicating it has significant upside potential.

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