Analyst Jason Pizzino has recently suggested that bitcoin is on the brink of a significant upward move that could lead to fresh all-time highs.
In a YouTube video, Pizzino explained that the ongoing consolidation phase below bitcoin’s major resistance level of $69,000 is merely the calm before the storm, setting the stage for a major breakout.
He emphasized that it is only a matter of time before BTC exits this consolidation phase and doubles in value from its current levels.
To identify his ambitious price targets, Pizzino uses the Fibonacci extension tool, a popular technical analysis method used to forecast potential price movements based on previous trends. Pizzino stated:
“I don’t think the cycle’s over by any stretch of the imagination, so I’m just going to look at the upside targets.”
He elaborated that his first significant target is $135,000, a figure derived from projecting the range of bitcoin’s previous move from $3,000 to $68,000, which totals around $65,000, onto the current price level.
Currently, bitcoin is trading around $67,300, reflecting an impressive 11% increase over the last seven days.
However, trading volume has decreased by 21%, now standing at around $24.6 billion. Despite the dip in volume, the overall market sentiment remains bullish. Pizzino remains confident that bitcoin will surpass its current resistance and continue to climb. The analyst notes:
“Obviously, $100,000 is going to be a number that everyone’s going to be looking at, a bit of a psychological level. Probably big parties going on there ‘Bitcoin to $100,000,’ all that sort of jazz.”
Pizzino also mentioned other intermediate targets between $115,000 and $120,000, while expressing particular interest in the range of $130,000 to $150,000. He is keen to observe how bitcoin behaves if it reaches these price points, especially in terms of potential rallies and corrections.
“Maybe we start to get this price cluster coming together higher up on the price chart around $150,000.” he added.
As the market watches closely, the coming weeks could prove pivotal in determining whether bitcoin will achieve Pizzino’s ambitious prediction and set new records.
