Over the previous 24 hours, the cryptocurrency market has been primarily in the red. Bitcoin was down 1.61 percent, and Ethereum was down 2.19 percent. Meanwhile, Solana (SOL) is the worst performer, losing 5.8% of its value.
Justin Bennett, a crypto investor, and technical analyst believe Bitcoin (BTC) remains “quite healthy” despite the market’s recent downturn, and predicts significant gains for Cardano (ADA) and other altcoins.
Bennett examines Bitcoin’s recent “aggressive” decline to $63,000 in the newest edition of his Cryptocademy newsletter. A lengthy pullback here does not fit the 2017 fractal that I’ve talked about before. But that doesn’t rule out the possibility. he explains. However, Bennett tweeted a more bullish outlook after reviewing the BTC charts again.
“Bitcoin is still looking fairly well here, and there’s a lot of support over $60,000.”
The objective is to have higher highs and lows. So far, BTC has performed admirably, he adds.
Bennett expects Cardano’s native cryptocurrency will soon surpass $3.00 in a tweet on the global payment blockchain platform.
He notes that $2.15 has been returned by ADA. As a result, there is now a significant support area. If ADA closes above $2.35 on a daily basis, it will be pushed back to $3+.
Bennett believes Ethereum (ETH), the second-largest crypto asset by market cap, will surpass $6,000 by the end of the year. He takes notice that ETH displayed a lovely stair-step design. Weakness could emerge if the daily close falls below $4,600.
He still believes ETH/USDT [Tether] has a chance to reach the $6,000 – $6,500 measurable objective as he mentioned in November, but only if this rise continues to be positive.
The Cryptocademy founder sees the second leg of a “two-step breakout” already underway when tweeting about blockchain oracle service Chainlink’s native token LINK.
A beautiful two-step breakaway from LINK. The second step is currently underway and will be completed by today’s end.
Bennett also provides an update on VeChain, a platform that focuses on enterprise solutions (VET). After today’s selloff in Bitcoin, VET is targeting the $0.155 zone as support.
In many ways, $0.15 is a must-hold price. If it closes below it on a daily basis, it becomes resistance and exposes $0.14, he explains.
VET/USDT continues to see resistance slightly below $0.19. During Tuesday’s session, you can see how the market encountered selling pressure there.