Analyst predicts massive crypto breakout by midweek in Bitcoin and Ethereum
- Justin Bennett, a crypto analyst predicted a massive breakout in Bitcoin and altcoins by October 19.
- The analyst noted that the altcoin market capitalization is still coiling inside its four-month terminal pattern, indicative of a breakout.
- Quiet period for cryptocurrencies is about to end as Bitcoin and altcoins prepare for a volatility-filled week ahead.
Bitcoin price trend remained undecided as the asset sustained above $19,000 through the release of CPI data and US FOMC minutes. Analysts focus on total altcoin market capitalization, to identify a breakout in crypto within the next week.
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Massive crypto breakout in Bitcoin expected midweek
Justin Bennett, an internationally recognized Forex trader and crypto analyst evaluated the total altcoin market capitalization and predicted a breakout in cryptocurrencies by mid-week. The analyst noted that altcoin market capitalization is coiling inside a four-month terminal pattern after a recovery on Thursday.
Bennett expects an explosive break from cryptocurrencies in either direction, by October 19, Wednesday at the earliest. Bennett has accurately timed breakouts in Bitcoin, Ethereum and altcoins in the top thirty in the past. This prediction of a breakout therefore implies either Bitcoin could witness a spike in dominance or lose its key support at $19,000 and witness a decline.
Total altcoin market capitalization
According to Bennett, the quiet period for cryptocurrencies is about to end, and traders need to prepare for volatility in the week ahead. Bennett addressed his setup and recommendation in a recent tweet. The analyst was quoted as saying:
Some of you apparently think I'm far more bullish than I am. I'm not a permabull or permabear. I'm a trader, so I respect the charts. Period. Bitcoin can break higher, lower, or continue to go sideways. There will be opportunities regardless.
Bitcoin correcting wave spotted by analyst
TechDev_52, a crypto analyst and trader spotted a 14-18 month BTC corrective wave that continues to develop. The analyst has identified the wave and believes Bitcoin price is ready for a correction in the short-term and reveals a bearish outlook.
BTC price ready for correction
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
