A closely followed crypto analyst says that Bitcoin (BTC) could surge to a new all-time high within the next few months.
In a new video update, crypto strategist Jason Pizzino tells his 330,000 YouTube subscribers he has concluded that the top crypto asset by market cap will likely skyrocket to a new record price to finish off this cycle.
However, the trader says that the crypto king will remain under its previous all-time high for 4-6 months before breaking out, noting that the four-month threshold is about to be crossed.
“In March, [it was] very unpopular at the time to suggest that we were going to go for a correction that potentially would last longer than the previous corrections…most were hoping for at the time when many were looking for $80,000 to $100,000 Bitcoin.
I did some analysis [on a specific March signal] and it came up with the possibility that Bitcoin would be underneath the all-time high for 4-6 months.
We are a day away from the four-month mark now. One day away we’re at 119 days underneath the $74,000 top and somewhere in this period, we’ll start to see Bitcoin break past $64,000 – potentially even break into a new all-time high.”
According to Pizzino, investors can confirm a market bottom for BTC by examining its price action going forward.
“So BTC – the safeway point is still roughly around the mid-60s and that is just looking at the low to the top [and] splitting it in half, and that’s $63,750.
So that’s where you want to see that price get to start to confirm that [the] low is in and basically hold above that level to consolidate before it can get higher and test the $74,000 top.”
Bitcoin is trading for $57,433 at time of writing, a marginal increase during the last 24 hours.
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