Bitcoin Analyst and Trader Anticipates Major Upside Move, Predicts New All-Time Highs
Jason Pizzino, a well-known analyst and trader, is confident that Bitcoin (BTC) is on the verge of a significant upward movement that will lead to fresh all-time highs. Pizzino, who has amassed a following of 326,000 subscribers on YouTube, asserts that the current consolidation phase below the immediate resistance level of approximately $69,000 is merely a temporary pause in the ongoing Bitcoin bull market.
According to Pizzino, it is only a matter of time before BTC breaks free from the consolidation phase and experiences gains of approximately 100% from its current levels. To determine his ambitious BTC price target, the trader utilizes the Fibonacci extension tool.
“I firmly believe that the cycle is far from over, so I am setting my sights on the upside targets. The first one I have in mind is $135,000. Let’s keep it simple with round numbers. Now, if we were to see a move that is twice the magnitude of the previous one [$3,000 to $68,000], which amounts to approximately $65,000, projecting that from the current high would take us to around $135,000.”
Source: Jason Pizzino/X
At the time of writing, Bitcoin is being traded at $66,988, marking a 2.50% increase over the past 24 hours.
Pizzino further highlights that there are additional price levels that he finds intriguing and will be closely monitoring before Bitcoin potentially doubles from its current value.
“Undoubtedly, $100,000 will be a number that everyone will be fixated on, as it holds significant psychological weight. We can expect all sorts of celebrations and events surrounding the milestone ‘Bitcoin to $100,000.’ Moving forward, I am also interested in observing the price action between $115,000 and $120,000. However, I am particularly curious about the $130,000 to $150,000 range. How will Bitcoin perform during that time? Additionally, what will happen if we witness other rallies and corrections?… These factors will play a pivotal role in projecting the price targets for the end of this cycle.”
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Disclaimer: The opinions expressed in articles published by The Daily Hodl do not constitute investment advice. Investors are strongly advised to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Users are reminded that all transfers and trades are conducted at their own risk, and any resulting losses are their sole responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a registered investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
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