Crypto Analyst Predicts Bitcoin Will Rally After Breaking Key Resistance Level
Crypto analyst Jason Pizzino believes that Bitcoin (BTC) will experience a significant rally once it surpasses a crucial resistance level. Pizzino, who has over 307,000 subscribers on YouTube, suggests that Bitcoin’s price will soar after it establishes support above the cycle high of $49,000.
Pizzino warns that if Bitcoin faces rejection at two prior support levels when bouncing back above $40,000, it could decline further. He notes that Bitcoin is currently attempting to find a base around the mid-to-high $30,000s and may trade sideways until March based on the duration of previous corrections during the current cycle.
Bitcoin is currently trading at $39,949, showing a slight increase in the last 24 hours.
Hot Take: Bitcoin Set for Explosive Rally
Crypto analyst Jason Pizzino predicts that Bitcoin will experience an explosive rally once it breaks through the key resistance level of $49,000. He believes that this rally will occur in the second half of 2024 and lead into 2025. However, Pizzino also warns that Bitcoin could face further downside if it fails to overcome two prior support levels when bouncing back above $40,000. Despite this potential downside, he suggests that Bitcoin may trade sideways until March before starting its ascent. Overall, Pizzino remains optimistic about Bitcoin’s future performance.
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