The online publication the Daily Hodl notes that the popular crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could take the coin by nearly 400%.
ETH to reach $20k the next year
The analyst explained how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.
“If $BTC breaks $65,000 without a significant pullback first, $ETH probably matches it with a close above the May trend line. Would put ETH on track for $20,000 in January. This is my trigger to ape in more than I already am.”
As the online publication mentioned above notes, Bennett thinks that a $20,000 top for ETH is more likely and this is given that too many traders are calling for a high of $10,000.
He also made it pretty clear that he believes that most traders underestimate the rush of capital that can flow in during a parabolic run.
I think more realistic is to ignore the ATH as bubble data. If correct, the upper line of the channel fits more data points and puts ETH’s Jan move more realistically around 9-10k. Hard to imagine a 6x move for ETH between now and then, but a 3x move is pretty reasonable.
— Richard Thrasher (@rthrash3) October 19, 2021
He also warned traders about a potential dump that could take place soon.
Don’t be surprised if we get a flush this week, potentially toward $53,000 $BTC, then all-time highs.
Everyone, including me, is hyper bullish right now, and rightfully so. But that’s when liquidations tend to occur.
Sunday’s $58,900 low is the proverbial line in the sand.
— Justin Bennett (@JustinBennettFX) October 18, 2021
At the moment of writing this article, ETH is trading in the green, and the coin is priced at $4,200.17.
Stay tuned for more news.