Crypto Analyst Justin Bennett Says Bitcoin Will Surpass $40,000 By Monday

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Cryptocurrency analyst and trader Justin Bennett said Bitcoin (CRYPTO:BTC) looks set to break above $40,000 before the end of the month on Monday.

“If Bitcoin can get above those highs, just around $37,500, if we get that breakout, I think we see $40,000, potentially up to $42,000 here over the next few days, basically before the January close. “, Justin told his YouTube subscribers.

Bitcoin has been rallying since hitting a low of $33,184.06 on Jan. 24. As of Sunday afternoon, Bitcoin was trading at $37,891.53, up 0.73% over the past 24 hours.

If Bitcoin bulls manage to overcome resistance at $42,000, Bennett says a breakout could push BTC all the way up to $50,000.

Also Read: Celsius CEO Says Bitcoin Could Crash Before Massive Rally, Ethereum Heading for New All-Time High

“We would need to see Bitcoin break above $42,000, close above $42,000 to expose $45,000 to $46,000 and potentially $50,000. Until then, $40,000-42,000 will be very strong resistance,” Justin added.

US lawmakers are pushing Bitcoin mining companies to reveal how much electricity they use for crypto mining. In letters sent to six companies that mine Bitcoin in the United States, Senator Elizabeth Warren and seven other lawmakers expressed concern about the “impacts on the global environment, local ecosystems, and consumer electricity costs.”

Efforts in Washington, D.C. to regulate the digital currency industry could have a growing impact on the cryptocurrency at the top as it tries to regain losses suffered in January.

Also Read: Bill To Make Bitcoin Legal Tender In Arizona Introduced: What You Need To Know

Photo: Courtesy of QuoteInspector.com on Flickr

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