Crypto analyst Jason Pizzino claims that Bitcoin (BTC) could rise by double-digit percentage points once it breaches a key resistance zone.
In an interview on the David Lin Report, Pizzino says that Bitcoin is facing major resistance between the $28,000 and $32,000 level.
According to Pizzino, the flagship crypto asset could rise almost 80% from the current price when it breaks through the main resistance zone.
“So $28,500 to around $32,000 will be a key level for Bitcoin to break above. I suspect that when it does, you will start to see less bears and more bulls.
Basically feedback from people saying this has to go down and we’re going to see new cycle lows… That will be less and less once we get above this key, you know, crossing between $28,000 and $32,000 here.
They just have nothing left once you get past this level. So they will look towards $48,000 as the next level. And, of course, the all-time highs.”
Bitcoin is trading at $26,798 at the time of writing.
The cryptanalyst says that in the future, Bitcoin would have a more sustainable rally if its price appreciated in small incremental steps rather than large surges.
“The higher we go in these small staggered moves, the better for Bitcoin because there is more price stability at the lower levels.
So we get this nice stepping movement instead of this ridiculous FOMO (fear of missing out) bomb that we see in those patterns. These are unsustainable.”
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