• 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.

    What's your reaction?