Cryptocurrency analyst and investor Jason Pizzino has highlighted a key resistance level that Bitcoin (BTC) needs to overcome before it can begin to move higher.
In a new video, Pizzino told his 333,000 YouTube subscribers that if Bitcoin rises by about 6% from current levels, the leading cryptocurrency could set the conditions for a larger bull market.
“If we test and start to close above $58,000 in the near term, this could signal an early strong bounce to test a more significant level in my analysis near $61,500, which is the midpoint of the 50% correction from March to August.”
This is essentially the next important level that Bitcoin will test, overcome, and consolidate on for the next phase of the bull run, propelling it to new all-time highs.”
According to Pizzino, Bitcoin could fall more than 15% from current levels without upsetting his bullish thesis.
“[Bitcoin] It's still above roughly $52,000, $53,000, and the August low of $49,000 is still holding. We've seen previous levels of decline, but even if this falls, a return to the mid-$40,000s would keep us in a macro bull market. And from that point, a close above $61,500 again would start the show on its way to the upside.”
At the time of writing, Bitcoin is trading at $57,870.
Don't miss out on the latest news – subscribe to receive email alerts directly to your inbox
Check price trends
follow me XFacebook, Telegram
Browse the daily Hodl mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: On the road
