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Cryptocurrency analyst and trader Jason Pizzino stated that Bitcoin (BTC) is on the verge of a significant rise and expects it to potentially reach a new all-time high in six figures. The analyst also highlighted important thresholds for the largest cryptocurrency.
Consolidation and Breakout Analysis for Bitcoin
Sharing his latest market observations with his YouTube channel subscribers, Pizzino began by explaining that the current bull market of Bitcoin is currently consolidating below the critical resistance around $69,000. According to him, this consolidation period is a precursor to a significant breakout.
The analyst emphasized that it is only a matter of time before Bitcoin exits its current consolidation phase, makes a significant breakout, and potentially doubles its current price levels. Using the Fibonacci extension tool to predict Bitcoin’s next major price targets, the analyst indicated that the largest cryptocurrency is moving within an upward trajectory.
Shared the Next Upward Target Level
Pizzino’s analysis points to an important price target of $135,000 for Bitcoin. The analyst noted that if BTC repeats its previous price movement from $3,000 to $68,000, the next logical move would be to rise from $65,000 to $135,000. This target is based on the Fibonacci extension tool, easy round numbers, and mathematical projections.
The analyst emphasized that $100,000 would be a significant psychological level for Bitcoin and likely a threshold where major interest and celebration would erupt within the cryptocurrency world. Beyond this milestone, Pizzino highlighted $115,000 to $120,000 as particularly interesting price levels. Overall, the analyst’s focus was on the region between $130,000 and $150,000, where he expects significant market movement and potential correction.
Pizzino stressed the importance of observing changes in Bitcoin’s price movements as it approaches these key price levels. The analyst stated that the market will face sharp rises and corrections throughout this upward journey, making the path to $135,000 and beyond particularly intriguing. These fluctuations will be critical to understanding Bitcoin’s overall trajectory in the bull market cycle.
