{"id":1192243,"date":"2022-02-28T18:05:42","date_gmt":"2022-02-28T23:05:42","guid":{"rendered":"https:\/\/dailyhodl.com\/?p=191561"},"modified":"2022-02-28T18:05:42","modified_gmt":"2022-02-28T23:05:42","slug":"crypto-analyst-says-bullish-confirmation-appearing-for-bitcoin-predicts-strong-btc-performance-in-march","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/crypto-analyst-says-bullish-confirmation-appearing-for-bitcoin-predicts-strong-btc-performance-in-march\/","title":{"rendered":"Crypto Analyst Says Bullish Confirmation Appearing for Bitcoin, Predicts Strong BTC Performance in March"},"content":{"rendered":"

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Crypto analyst Justin Bennett says Bitcoin has broken out of a descending channel and is likely ready to rally.<\/p>\n

The analyst tells his 98,000 Twitter followers that BTC is posting a bullish confirmation pattern right at the end of the month, taking out the highs of the previous few days.<\/p>\n

“BTC bullish confirmation loading. <\/em>Last day of February, no less.”<\/em><\/p>\n

\"Image\"
Source: Justin Benett\/Twitter<\/a><\/figcaption><\/figure>\n

Bennett also points out that Bitcoin just witnessed its highest level of volume in seven months, right when it reversed from $34,000, suggesting a strong change in trend.<\/p>\n

“The recent BTC 34k low was the highest volume green day on BTCUSDT Binance since late July 2021.<\/em><\/p>\n

Probably nothing.”<\/em><\/p>\n

\"Image\"
Source: Justin Bennett\/Twitter<\/a><\/figcaption><\/figure>\n

Bennett says that a daily close above the $39,600 level is key for BTC to ignite the next trend.<\/p>\n

“BTC has yet to close above $39,600. That’s the key for a move higher.<\/em><\/p>\n

Notable events in March include CPI on the 10th and FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine.”<\/em><\/p>\n

\"Image\"
Source: Justin Bennett\/Twitter<\/a><\/figcaption><\/figure>\n

Bennett has predicted<\/a> that March will be a bullish month for the top crypto by market cap. Last week, he argued that a BTC rally to $50,000 in March is fully feasible.<\/p>\n

“We have two lows down here [$34,700 both in mid-January and this past week]. This is a potential double bottom for the market.<\/em><\/p>\n

The confirmation for this is not only above $39,600, that\u2019s step one. Step two is a close above $46,000. That\u2019s the high from back here [approximately February 11th], so this would be the neckline of the double bottom pattern.\u201d<\/em><\/p>\n

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