Crypto Analyst on Bitcoin: ‘Nothing is Swaying’ It From Soaring Highs
Unstoppable Bitcoin? A popular crypto analyst, Jason Pizzino, suggests that even adverse news cannot halt Bitcoin’s (BTC) strong momentum.
According to a report by The Daily Hodl, in a recent video update, Pizzino shared with his over 284,000 YouTube subscribers that both Bitcoin and the stock market seem to be ignoring negative economic news. Despite the threat of a recession and potential banking collapses, he observed that Bitcoin has maintained its position, trading above $25,000 for nearly two months.
Pizzino emphasized that despite all the negative news in the markets, Bitcoin remains on track to potentially reach $30,000, $40,000, or even $50,000 this year. He also mentioned that the stock markets continue to set new price highs for the year, seemingly unaffected by bad news, poor fundamentals, looming recessions, sticky interest, and banking collapse.
According to Pizzino, investors who are waiting to purchase the leading crypto asset at a discounted price may be out of luck. He explained that after BTC survived several bearish signals earlier this year, it could now find itself in a price range between $32,000 and $42,000.
Pizzino further detailed that the market’s resistance to lower prices, particularly after the breakout of the double top, is a significant indicator. He noted the failure of major macro bearish signals, such as the banking collapse of Silicon Valley Bank, Credit Suisse, Deutsche Bank, and others that followed. He stated that when such bearish signals fail and Bitcoin’s price surpasses them, it likely indicates a macro signal to the upside.
As for the future, Pizzino speculated that Bitcoin might top out at $32,000, $34,000, or even $42,000. At the time of writing, Bitcoin is trading at $28,983, down 1.55% over the past 24 hours but boasting an impressive 74.37% increase year-to-date.
