Analyst and trader Jason Pizzino believes that Bitcoin (BTC) is gearing up for a big upside move en route to fresh all-time highs.
Pizzino tells his 326,000 YouTube subscribers that the Bitcoin bull market is just taking a breather as it consolidates below its immediate resistance at around $69,000.
According to the analyst, it is only a matter of time before BTC breaks out of consolidation and prints gains of around 100% from current levels. The trader uses the Fibonacci extension tool to identify his big BTC price target.
“I don’t think the cycle’s over by any stretch of the imagination, so I’m just going to look to the upside targets.
And the first one there is $135,000. We will just use some easy round numbers here. Now if it was to do twice this particular move [$3,000 to $68,000], so that range for quick maths is about $65,000. So you’re just projecting $65,000 off the top, takes to about that you know $135,000.”
Bitcoin is trading at $66,988 at time of writing, up more than 2.50% in the past 24 hours.
The widely followed analyst also says that there are other “interesting” price levels he will be on the lookout for before Bitcoin can potentially double from the current point.
“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.
And then these next two – these other ones in between $115,000, $120,000 but I’m interested through here now about $130,000 to $150,000. What goes on with Bitcoin at that time? And on top of that, what happens if we get some other sort of rallies and corrections?…
That’s going to be the next major interesting point when it comes to projecting these price targets for the end of the cycle.”
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