A widely followed crypto analyst is updating his outlook on the future path of Bitcoin (BTC) in the ongoing bull market cycle.
In a new video update, cryptocurrency strategist Jason Pizzino told his 320,000 YouTube subscribers that he will be watching closely to see if Bitcoin adjusts its key price targets upward.
“We are considering several price targets. $72,500 and beyond that, obviously the all-time high of $74,000. My next two goals for him are $78,500. This is based on this level here. It's an ETF (exchange traded fund) low because you're getting extended tools from the weekly swings. [launch in January] The highest price is predicted from the current low and 50% would be $78,400. Currently, 100% is $81,000.
This $81,000 comes from the entire move, which was the entire previous bull market from a low of $3,000 to a high of $69,000, and is predicted from about $15,500 of this low…
That's why I got around $78,000 to $82,000 here. There is no problem even if it is a little more expensive. This is about the price point we're looking for as our next move. ”
The trader looks at his chart and suggests that if Bitcoin can convert support at $82,000, the next upside targets are $87,000, $96,000, and $113,600. The trader also believes altcoins could explode higher if Bitcoin rises to the $78,000 level.
“Bitcoin needs to get above that $78,000 mark and start stabilizing above $82,000 if it has any chance of reaching higher numbers like $90,000 or $100,000. If it stops at the $78,400 level, it will be 50% of this weekly range. [from $39,000 in January] If that happens, the price may go back up.
There's obviously plenty of time to move on from there. There is still about 11% left to reach $78,000. And in the meantime, it could fuel altcoin season. ”
At the time of writing, Bitcoin was trading at $69,369, down more than 1% in the past 24 hours.
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