In a recent market analysis, renowned cryptocurrency expert Jason Pizzino provided insights on Bitcoin‘s (BTC) bullish trends and potential price milestones. Pizzino, who commands a substantial YouTube following for his financial expertise, believes Bitcoin could reach six-figure valuations based on key price points he has identified.
Ascending Towards Record Peaks
The crypto analyst has pegged several important targets for Bitcoin, starting from $72,500 and reaching up to $78,500. He emphasizes the importance of breaching the historical high of $73,750. Pizzino’s technical analysis, which includes the Fibonacci extension tool applied to the weekly price chart, deduces potential future values by analyzing past trends.
Pizzino identifies $78,400 as a pivotal level and mentions that $81,000 reflects the full extent of the previous bull market’s range, from the low of $3,000 to the peak at $69,000. He posits that if Bitcoin can establish support beyond $82,000, it could propel to even higher targets, specifically $87,000, $96,000, and an optimistic $113,600.
Altcoin Season on the Horizon?
The analyst underscores Bitcoin’s role in igniting an altcoin bull run, suggesting that a surge past the $78,000 mark could spark a significant altcoin season. This could result in broad market movements extending beyond Bitcoin.
Despite a modest 1% increase in the past 24 hours with Bitcoin trading above $70,000, Pizzino maintains a positive outlook for the top cryptocurrency’s growth prospects. The decisive factor, he notes, will be Bitcoin’s capacity to overcome crucial resistance levels that will shape its near and long-term movements. He advises investors to exercise caution and patience, considering the potential for substantial market fluctuations as Bitcoin approaches these critical price junctures.