Cryptocurrency analyst and trader Justin Bennett says Bitcoin (CRYPTO: BTC) looks poised to rally above $40,000 before the month comes to a close on Monday.
“If Bitcoin can break above these highs, right around $37,500, if we do get that breakout, I think we see $40,000, potentially up to $42,000 here over the next few days, basically before January closes out,” Justin told his YouTube followers.
Bitcoin has been recovering since marking a low of $33,184.06 on Jan.24. On Sunday afternoon, Bitcoin was trading at $37,891.53, up by 0.73% in the last 24 hours.
Should Bitcoin bulls manage to overcome resistance at $42,000, Bennett says a breakout could push BTC to as high as $50,000.
Also Read: Celsius CEO Says Bitcoin May Crash Ahead Of Massive Rally, Ethereum Heading To New All-Time High
“We would need to see Bitcoin actually break above $42,000, close above $42,000 to expose $45,000 to $46,000 and potentially $50,000. Until that time comes, $40,000 to $42,000 is going to be very strong resistance,” Justin added.
U.S. lawmakers are pushing Bitcoin mining companies into revealing how much electricity they use for crypto mining. In letters sent to six companies that mine Bitcoin in the U.S., Senator Elizabeth Warren and seven other legislators said they were concerned about the “impacts on the global environment, local ecosystems, and consumer electricity costs.”
Efforts in Washington, D.C. to regulate the digital currency industry may have a growing impact on the apex cryptocurrency as it attempts to regain losses suffered in the month of January.
Also Read: Bill To Make Bitcoin Legal Tender In Arizona Introduced: What You Need To Know
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