https://ift.tt/CEhbsiIyS To Rally To $50k, Analyst Says | CryptoGazette

There are all kinds of optimistic predictions about the price of Bitcoin these days, despite the market volatility. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $37,857.

The online publication the Daily Hodl notes that crypto analyst Justin Bennett is mapping out a potential scenario where Bitcoin (BTC) gathers bullish momentum and surges toward the $50,000 level.

Bitcoin is trading within an ascending channel

In a new strategy session, Bennett made sure to explain that BTC is currently trading within an ascending channel on the lower timeframe.

He also said that the king coin looks poised to rally above $40,000 before the month comes to a close.

“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.”

Although Bitcoin looks bullish on the lower timeframes, the crypto strategist explained why bulls will likely face heavy sell-side pressure around the $40,000 price area.

“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.”

He also said that $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.

Stay tuned for more news and also make sure to keep your eyes on the crypto market.