Bitcoin Will Break above $40,000 by Monday, Crypto Analyst Predicts

Bitcoin will finally break out and return back above $40,000 before Monday, a leading cryptocurrency analyst is predicting.

Crypto trader Justin Bennett says Bitcoin looks poised to rally above $40k after sinking to $33,500 on Jan. 24.

“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,” Justin told his YouTube followers.

The price dropped below $40k on Jan. 21 amid news that Russia was planning a national cryptocurrency ban.

However, the Russian government confirmed a few days later that it is only considering regulations, and not a ban.

Should Bitcoin bulls manage to overcome resistance at $42,000, Bennett says a breakout could push number one crypto to as high as $50,000.

“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,” he added.

“Until that time comes, $40,000 to $42,000 is going to be very strong resistance”

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 United States, 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.

Bitcoin is currently trading at $38,632, at the time of writing, accoridng to Coinmarketcap data.

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By Nick R. Hamilton

Nick has a broad background in journalism, business, and technology. He covers news on cryptocurrency, traditional assets, and economic markets.

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