As Bitcoin Rebounds, Popular Crypto Analyst Says This Altcoin Is Breaking Out

As Bitcoin BTC/USD and Ethereum ETH/USD rebounded on Tuesday evening along with other cryptocurrencies after Federal Reserve Chairman Jerome Powell said that the era of low interest rates is likely to stay, a popular cryptocurrency analyst shared his thoughts on three different cryptocurrencies.

What Happened: Cryptocurrency analyst Justin Bennett told his 97,000 followers on Twitter that he believes that Bitcoin could be looking to rise to the $45,600 level as a "first stop" higher.

So far, so good from $BTC.

Got the $40k fill. Now look for $45,600 as a first stop on the way up. #Bitcoin

— Justin Bennett (@JustinBennettFX) January 11, 2022

He added that Wednesday’s release of the Consumer Price Index (CPI) will likely have an influence on whether Bitcoin will rise to the $53,000 level.

Regarding Ethereum, Bennett said on his YouTube channel that the cryptocurrency has entered the support area in the $2,800 to $2,900 range he mentioned last week.

“So, we need to see a daily close above this area to confirm the breakout, flip this back to support and then trigger that move higher potentially up here toward $3,600,” Bennett said, referring to the area around the $3,248 level.

Alternatively, Ethereum could move to the $2,800 to $2,900 range if it fails to break the resistance at the $3,170 level, he noted.

See Also: How To Buy Bitcoin (BTC)

Bennett believes Kitty Inu KITTY/USD is starting to break out, with beta launches of its play-to-earn (P2E) game scheduled for late January or early February.

$kitty is starting to breakout. I've bought more twice since the January 6th low. #KittyKart game beta launches late Jan/early Feb. The full game is slated for later in Q1.

No, it's not a meme coin. It's #P2E.

Currently a $20m market cap.#KITTYINU

— Justin Bennett (@JustinBennettFX) January 11, 2022

The token is currently up 8.5% during the last 24 hours, trading at $0.00004672 at press time.

Bennet noted that the U.S. Dollar Index ($DXY) remains range-bound and he would like to see it close below the range of $95 to $95.50 to confirm “the next leg down.”

$DXY remains range-bound. I'd like to see it close below 95 - 95.50 to confirm the next leg down, which would alleviate some pressure from #cryptos.

Let's see.

— Justin Bennett (@JustinBennettFX) January 11, 2022

The U.S. dollar Index has risen more than 7% throughout last year against a basket of currencies not including cryptocurrencies.

Price Action: Bitcoin is up 1.5% during the past 24 hours, trading at $42,750.02 at press time, while Ethereum is up 3.9% to $3,237.81.

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Posted In: Analyst ColorCryptocurrencyLong IdeasNewsMarketsAnalyst RatingsTrading IdeasBitcoindogecoinEthereum

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