Market analyst and prominent podcaster Preston Pysh says Bitcoin is poised to continue its parabolic ascent.
In a new episode of the What Bitcoin Did podcast, Pysh says BTC will prove critics and naysayers wrong in the coming months as he believes the leading crypto asset will outperform beyond expectations.
“I think it’s going to be epic. I think the price between now and mid-April is going to be gangbusters, way more than people are expecting. And then, I think you’re going to go through some natural chop in volatility from there into the six figures by mid-summer into the fall. I think it’s going to be fascinating to watch. I can’t wait to see the CNBC talking heads still not understand it.
It’s going to be fun because everyone’s looking at it and they’re saying, ‘What is this thing? This doesn’t make any [sense].’ The same thing that you’ve seen with all the people that have been long Tesla and all your traditional folks that were saying, ‘Oh, it’s going to die here.’ It’s the same exact lens being applied to Bitcoin but probably 10x more so.”
As for the exact price of Bitcoin, Pysh refers to a tweet that shows Bitcoin pulling off a steep rise and printing gains of over 106% in two months.
“I redrew it and that’s why I’m saying on the chart, whether this happens or not, I have no idea, but the redraw that I just recently posted, I think last week, has the price at $95,000 in mid-April before it starts to going into some chop.”
Update to August Chart.— Preston Pysh (@PrestonPysh) February 2, 2021
The recent consolidation appears to be subsiding - it was similar to consolidations we have seen historically during bull runs. The light blue lines remain from August. The purple is my updated expectations thru Q2 2021. https://t.co/HG3VHKTAkn
According to Pysh, the chop will likely send Bitcoin back down to $50,000 before resuming its ascent and targeting $150,000 by the end of June.
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