Renowned cryptocurrency analyst Jason Pizzino has announced that Bitcoin (BTC), which has been trading within a narrow range for weeks, is on the rise. The analyst predicts a potential increase of up to 46% in the largest cryptocurrency.
Bitcoin’s Price Could Surpass $42,000 in the Next 12-13 Months
Experienced cryptocurrency analyst Jason Pizzino believes that Bitcoin will rise by over 40% from current levels until September 2024, according to his latest analysis video on YouTube. The analyst emphasizes that the target level for the upward movement, which has a target of $42,000, is the midpoint or 50% level between the all-time high of $69,000 and the lowest level in 2022, which is $15,500. He stated:
It is possible to see a test of $42,200, which is the 50% level, or in other words, the 42 thousand dollar level between now and September 2024. In other words, within 12 or 13 months, $42,200 will be retested, and then there will be a slight pullback in the price.
Bitcoin, the largest cryptocurrency with a market value of $566.53 billion, is currently trading at $29,126 with a 0.56% decrease in the last 24 hours. The price of BTC reaching the level indicated by the analyst means a 45% increase.
There Will Be Either a Minor or a Major Pullback
Pizzino warned that he expects Bitcoin to experience a minor or major pullback after surpassing $40,000. Regarding his pullback prediction, the analyst said:
It could be a small pullback towards $500 after testing $700, similar to June-August 2016. Or it could be a deep pullback like when it reached $14,000 in June 2019 from the 50% level of $11,500 and then dropped to $4,000 in March 2020.
