Widely followed analyst Jason Pizzino is bullish on Bitcoin (BTC) as the flagship crypto asset trades in a narrow range for days.
In a new video, Pizzino tells his 289,000 YouTube subscribers that Bitcoin could climb by over 40% from the current level between now and September of 2024.
The crypto analyst says that his upside target of $42,000 is the range midpoint or the 50% level between Bitcoin’s all-time high of $69,000 and BTC’s 2022 low of around $15,500.
“It’s possible that we see a test of $42,000 happen within the period between now and September of 2024. So in basically 12,13 months, a test of the 50% level, $42,200, and then a retreat.”
Bitcoin is trading at $29,366 at time of writing, up by 0.7% over the past seven days.
After appreciating to over $40,000, Bitcoin could thereafter correct either mildly or substantially, according to Pizzino.
“It could be a small retreat like back here [June to August of 2016] where it tested $700 and came back to $500.
Or it could be a deep retreat where it tested all the way up to $14,000 [in June of 2019] when the 50% [level] was only $11,500 and then it came all the way back to $4,000 [in March of 2020].”
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