- Ben Armstrong has predicted that Bitcoin would rally to $50,000 after bouncing off significant support.
- According to Armstrong, BTC has bounced off the same level for the third time.
- The analyst also predicts an $11 target for the layer-one blockchain crypto, Cardano.
Ben Armstrong, an American crypto influencer, has predicted that Bitcoin would rally to $50,000 after the flagship crypto bounced off significant support. In a recently uploaded video, the renowned crypto analyst revealed that BTC has bounced off the same level for the third time.
In the video posted on his YouTube channel, Armstrong showed that the $40,000 BTC price region has proven to be a strong support. Although the latest bounce varied slightly from the previous two, Armstrong confirmed it to be of a similar effect. He explained that slight variations in crypto prices result from irregularities across the various crypto exchanges.
Following his observation, Armstrong noted that another bounce in the same region confirms his lasting prediction that Bitcoin would rally to $50,000. The crypto analyst showed on the Bitcoin chart that the first bounce of the support pushed Bitcoin above $44,400. After pulling back, the price bounced a second time, leading to a price rally above $49,000. Hence, he believes the latest bounce will push BTC above $50,000.
Despite being bullish about Bitcoin rallying to $50,000, Armstrong did not discount the possibility of the flagship crypto dropping to the same support region. Therefore, he advised viewers to take some profit whenever his predicted rally happens.
Besides Bitcoin, Armstrong cited a top analyst’s prediction that Cardano would rise to $7. According to him, Ali Martinez, the most quoted person on crypto, predicted a $7 target for Cardano because the altcoin has been mirroring the 2020 trend. However, from his analysis, Armstrong predicted an $11 target for the layer-one blockchain token.
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