Popular cryptocurrency analyst Justin Bennett talked about a potential scenario where Bitcoin (BTC) gains bullish momentum and rises to the $50,000 level.
In a new video, Bennett says that Bitcoin is currently trading in an ascending channel in the lower timeframe and looks set to rise above $40,000 before the month closes.
“If Bitcoin can break above these highs around $37,500, I think if we catch this breakout, it will go up to $40,000 here, potentially up to $42,000 in the next few days, basically before January closes. ”
At the time of writing, Bitcoin was trading at $37,930. While Bitcoin appears to be bullish on the lower timeframes, the crypto strategist also explained why the bulls will face heavy selling pressure around the $40,000 price area:
“As long as Bitcoin stays inside this ascending channel, then, as I said, I expect it to move between $40,000 and $42,000 here to really test this area because it will be a huge area for Bitcoin. You can even see it as a horizontal field, which has been incredibly important in the last few months and indeed the last 12 months. And the market is currently trading below on a daily and weekly close basis. Therefore, the knowledge of whether we will see Bitcoin break out between $45,000 and $46,000 or if we will see another rotation lower in the coming weeks will be between $40,000 and $42,000. ”
Bennett says that if Bitcoin bulls manage to overcome the $42,000 resistance, a breakout could push BTC up to $50,000.
“We will have to see Bitcoin actually rise above $42,000 to reveal $45,000 to $46,000 and potentially $50,000. Until then, $40,000 to $42,000 will be a very strong resistance. ”
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