Cryptocurrency analyst and investor Jason Pizzino highlights the critical resistance level that Bitcoin (BTC) needs to overcome to potentially start a rally.
In a new video, Pizzino tells his 333,000 YouTube subscribers that if Bitcoin rises about 6% from its current level, the flagship crypto asset could set the stage for a larger bull run.
“Provided we see some tests and closes above $58,000 in the short term, this could be a nice early bounce that would allow a test of the more important level in my analysis around $61,500, which represents the 50% correction from March to August, divided by the middle.
This is the next key level that Bitcoin must test, break and consolidate above, essentially for the next phase of the bullish trend, moving towards new all-time highs.”
According to Pizzino, Bitcoin could still fall more than 15% from its current level without invalidating the bullish forecast.
«[Bitcoin] “Still above about $52,000, $53,000 and the August low at $49,000 is still intact here. We looked at the previous levels to the downside – if this goes back down, it would still be in a macro bull market if it goes back to the mid-$40,000s. And from there, a close back above $61,500 would start to put this show on a higher path.”
At the time of writing, Bitcoin is trading at $57,870.
Generated image: Midjourney
