Bitcoin Breaks Key Monthly Resistance Level, Suggesting Bullish Phase
Crypto analyst Jason Pizzino recently shared in a YouTube video that Bitcoin has surpassed a significant monthly resistance level, marking the first time since the 2018 bear market. This breakthrough occurred as Bitcoin closed above the monthly swing high from November 2018, indicating a positive trend direction. Pizzino referenced the Wyckoff accumulation schematic and stated that Bitcoin’s price action aligns with the typical phases following a low point, suggesting that the cryptocurrency has likely bottomed from the recent bear market and is now entering a new bullish phase.
Bitcoin’s Expected Trading Range and Future Outlook
Pizzino predicts that Bitcoin will trade within a range of $32,000 to $48,000 over the next eight-to-11 months. This projection is based on retracement levels from the swing highs and lows of 2018 and 2022. He also noted that previous bull markets experienced similar trading ranges near the 50 percent level for approximately two years before eventually breaking out and reaching parabolic levels. Pizzino advises traders to mark these levels on their charts and pay attention to how the market responds. In conclusion, he believes that Bitcoin could potentially surpass $50,000 by late 2024, approximately one year before the current bull market cycle ends.
Hot Take: Bitcoin Breaks Key Resistance Level, Indicating Positive Trend
Crypto analyst Jason Pizzino suggests that Bitcoin’s recent breakthrough of a key monthly resistance level is an encouraging sign for its future performance. This development indicates a potential shift into a new bullish phase after enduring the bear market of 2018. Pizzino’s analysis aligns with the Wyckoff accumulation schematic, further supporting his belief that Bitcoin has likely reached its cycle bottom. His projected trading range of $32,000 to $48,000 over the next several months provides insights for traders to monitor and evaluate. With a bullish outlook, Pizzino anticipates Bitcoin’s potential surge beyond $50,000 by late 2024, offering an optimistic perspective on the cryptocurrency’s future trajectory.
By
By
By
By
By