A Crypto Analyst Believes Bitcoin Will Continue to Rise
A crypto analyst named Jason Pizzino believes that Bitcoin (BTC) is unlikely to reverse its upward trend based on a specific metric. Pizzino highlights the market-value-to-realized-value (MVRV) Z-score as an indicator to determine long-term trend reversals. This metric compares the market value of Bitcoin to its realized value in order to identify extremes in the data.
Pizzino explains that once the MVRV Z-score becomes positive, like its current reading of 0.13, it is highly improbable for the market to fall back into the accumulation zone. Instead, Bitcoin appears to be on an upward trajectory and entering re-accumulation zones.
Pizzino warns against following fear-based predictions and waiting for larger downside targets, referring to this approach as “dumb money.” He suggests that those who are still on the sidelines may face difficulties as Bitcoin continues to rise.
Bitcoin’s Potential Target
At the time of writing, BTC is trading at $34,734. Pizzino believes that Bitcoin could potentially reach the $42,000 level in its next move.
Hot Take: Bitcoin’s Upward Trajectory
Crypto analyst Jason Pizzino suggests that Bitcoin’s upward trend is likely to continue based on the MVRV Z-score metric. This indicator indicates that the market is not expected to fall back into lower price levels and instead suggests that Bitcoin is entering re-accumulation zones. Pizzino advises against following fear-based predictions and waiting for larger downside targets, cautioning against being part of the “dumb money.” As BTC continues its upward trajectory, Pizzino believes that those who remain on the sidelines may encounter challenges.
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