Bitcoin Shows Signs of Strength and Potential Uptrend, Says Analyst Jason Pizzino
Crypto analyst Jason Pizzino believes that Bitcoin (BTC) is leaning towards an uptrend as the leading cryptocurrency continues to demonstrate signs of strength. In a recent YouTube video, Pizzino highlighted the current trend as “unconfirmed” but expressed optimism about BTC’s future.
An Unconfirmed Uptrend
Pizzino noted that although Bitcoin has been showing higher highs and lower lows, it has yet to confirm an uptrend. He explained that confirmation would occur when BTC establishes a higher low and breaks higher in price. However, the day after his video was posted, Bitcoin experienced a surge of over 9%, suggesting that it may have confirmed an uptrend by setting a higher low around $50,000.
Remaining Bullish on Bitcoin
Despite the potential for short-term breakdowns in the future, Pizzino remains bullish on Bitcoin. He emphasized that he would still lean towards the upside for BTC due to the overall strength of the market. If Bitcoin experiences a price correction, Pizzino believes that the $45,000 range would be a likely target. However, he considers a larger drop to the $38,000-$39,000 range relatively unlikely since it would represent a significant correction in Bitcoin’s current move.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $56,388. Although it recently reached a fresh two-year high, it remains approximately 18% lower than its all-time high of over $69,000 achieved in November 2021.
Hot Take: Analyst Jason Pizzino Predicts Potential Uptrend for Bitcoin
Bitcoin (BTC) is now leaning toward an uptrend as the crypto king continues to flash signs of strength, according to analyst Jason Pizzino. He believes that BTC’s recent surge and establishment of a higher low indicate a potential confirmation of an uptrend. Despite the possibility of short-term breakdowns, Pizzino remains optimistic about Bitcoin’s future and leans towards the upside for the leading cryptocurrency. While a price correction may occur, Pizzino believes that a drop to the $38,000-$39,000 range is relatively unlikely. Bitcoin’s current trading price is $56,388, still down approximately 18% from its all-time high.
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