Popular trader and analyst Jason Pizzino is hopeful Bitcoin (BTC) could rally higher if the flagship crypto asset sustains the prevailing momentum.
While warning it would involve “much work,” Pizzino tells his 267,000 YouTube subscribers that Bitcoin could surge by about 64% from the current price after overcoming key resistance levels.
“If we can get above those levels, consolidate and continue to move higher with higher highs and higher lows… the next key level is $48,000 and the $52,000 levels.
But I think we’re getting too far ahead of ourselves to even contemplate getting to the high $40,000s or even low $50,000s at this point as there’s so much work to do for Bitcoin at these lower levels.”
Bitcoin is trading for $31,621 at time of writing.
The crypto analyst says that the first two resistance levels Bitcoin needs to overcome are $32,800 and $34,500, respectively.
“The 50 [Fibonacci retracement level] which is just above that is $32,700. So for a round number above that $32,800. So that’s our first level: $32,800…
the next level is the most critical level. So $34,500… that’s our major 50 [Fibonacci retracement] level from the all-time high [of $69,044] to zero… so far we have $32,800 and we have $34,500.”
Pizzino says Bitcoin’s third resistance zone is located around the $38,000 price.
“It’s about $37,500 and for a round number above that could say around $38,000. So the three levels we’re looking at now: first one we need to overcome is around that $32,800. Then there is $34,500. Then we’d be looking to around the $38,000.”
The crypto trader says Bitcoin would subsequently surge higher after consolidating above the $38,000 price.
“If we can overcome all of these [resistance levels] sooner rather than later, then we start to climb back above those levels to consolidate above the $38,000 level and work our way higher.”
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