Justin Bennett Maps Out A Path For Bitcoin To Rise To $50,000 Level

Justin Bennett, a prominent crypto market analyst, drawing a possible scenario for Bitcoin (BTC) to make a move towards $50,000.

In a recent video update, the analyst notes that BTC is trading in an ascending channel on the lower timeframe chart and seems ready to rise to $40,000 before end of January.

“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.”

At time of writing, BTC is trading at $37,000, down 2.75% on the daily window.

Despite Bitcoin printing bullish pattern on the lower timeframes, Bennett believes that bulls will probably meet a heavy sell-side pressure moving closer to $40,000 level.

“As long as Bitcoin stays inside of this ascending channel, then I’m looking for, as I said, that move up here toward $40,000 to $42,000 to really test this area because it is going to be a huge area for Bitcoin. You can see even as a horizontal area, over the past few months and in fact, over the last 12 months, this area has been incredibly significant. And the market is now trading below it on a daily and weekly closing basis. 

So $40,000 to $42,000 is going to be the hinge for whether or not we see Bitcoin break out toward $45,000 to $46,000 or if we see another rotation lower over the coming weeks.”

If the bulls manage to break through $42,000, BTC could go up as high as $50,000, Bennett says.

“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.”