Bitcoin price has reclaimed the $24,000 price levels and is currently trading at $24,512 after an increase of around $2.50 in the last 24 hours. Justin Bennett, a crypto analyst and investor, explained his analysis of Bitcoin price to his followers. The experienced analyst says that the leading cryptocurrency will see an increase of about 50 percent very soon. The analyst informs his 11,100 YouTube followers that if Bitcoin manages to surpass $24,200, the leading cryptocurrency will easily achieve a range of $26,500. Now, this price target of the analyst seems important as BTC is trading above $24,500.
Justin Bennet had predicted that if Bitcoin successfully hits the price levels above $23,450 and $24,200, the next critical price resistance would be around $25,000. He added that after $25,400, the resistance level is found at $26,000 and $26,500. In addition to all this, the strategist claims that once the leading cryptocurrency rises above $26,500, Bitcoin needs to beat the bears in the $30,000 area to see a massive bull run of around 46 percent from its current trading price. Only then can the price hit the next target at $38,000.
Bennett highlighted the $30,000 price area as it was the range where consolidation was seen in May. Therefore, this marks an important key level. He then says that for a breakout to be confirmed, bitcoin price must trade above two key price levels of $23,450 and $24,500. However, the leading cryptocurrency is already above the aforementioned price levels, confirming the breakout.
The crypto researcher then talks about inflation and says that the US inflation rate always has an impact on Bitcoin's price action. He says that if the inflation rate drops, rate hikes will see a breakout and thus a bullish market. As we reported on cryptoarena.com, on August 10, the Consumer Price Index (CPI) was released in the US confirming that July inflation fell to 8.5 percent.