Bitcoin Analyst Predicts Major Upside Move Towards All-Time Highs

Prominent analyst and trader, Jason Pizzino, is confident that Bitcoin (BTC) is gearing up for a significant upward movement, potentially reaching fresh all-time highs. Pizzino, with a substantial following of 326,000 subscribers on YouTube, suggests that the current consolidation phase below the $69,000 resistance level is just a temporary breather for the ongoing Bitcoin bull market.

According to Pizzino, it’s only a matter of time before BTC breaks out of this consolidation and experiences gains of approximately 100% from its current levels. To identify his significant BTC price target, the trader turns to the Fibonacci extension tool.

“I firmly believe that the cycle is far from over, so I am focusing on the upside targets. The first one to aim for is $135,000. Let’s keep it simple with easy round numbers. If we were to replicate this previous move [$3,000 to $68,000], the range for a quick calculation would be around $65,000. So, projecting $65,000 from the recent high puts us at approximately $135,000.”

Bitcoin is currently trading at $66,988, representing a 2.50% increase in the past 24 hours.

Pizzino also highlights other “interesting” price levels that he will be closely monitoring before Bitcoin potentially doubles from its current position. He expects $100,000 to be a significant psychological level that will attract attention and celebrations in the crypto community. Furthermore, he expresses curiosity about the price action between $115,000 and $120,000. However, Pizzino’s primary focus lies in the $130,000 to $150,000 range and observing Bitcoin’s behavior during that time. Additionally, he addresses the possibility of additional rallies and corrections that could impact the market.

These upcoming milestones will play a crucial role in projecting accurate price targets for the end of the current cycle, making them significant points of interest for Pizzino and other market participants.

Disclaimer: The opinions expressed in this article by Jason Pizzino are not investment advice. Investors should conduct thorough research and due diligence before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you make are solely your responsibility and carry inherent risks. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please note that The Daily Hodl engages in affiliate marketing.