The leading analyst of the cryptocurrency markets suggested that instead of reversing the trend of Bitcoin (BTC), it could continue to rise. The expert explained the events that could cause the rise in Bitcoin.
Jason Pizzino, an expert, emphasized the importance of paying attention to the market value-realized value (MVRV) Z-score, which reveals the extremes in the data between market value and realized value, in his statements on YouTube. He highlighted the following points to determine the long-term trend reversals of BTC:
When this indicator jumps to positive, you can see that it is 0.13, it is very unlikely for the market to return to this accumulation zone again and it seems like we are going up, taking step by step like climbing the stairs. It will be very, very difficult for those who are still sitting on the sidelines and experiencing fear and panic, hoping for bigger negative targets and waiting, saying that the world will collapse and the exchanges will give more signals of decline. Investors are hoping for and waiting for this. This is a wrong game, hopefully you are not part of that money.
When this article was written, BTC was trading at $34,734, according to the data obtained from the website 21milyon.com. Analyst Pizzino believes that Bitcoin could target the $42,000 level from now on.
Call for Investigation from the US
Meanwhile, US lawmakers called on the Department of Justice today to launch an investigation into Binance and Tether to see if the crypto giants were helping to finance Hamas.
Senator Cynthia Lummis (R-WY) and Representative French Hill (R-AR) wrote a letter on Thursday calling on the Department of Justice to “reach a charging decision that reflects the guilt levels about Binance and swiftly conclude ongoing investigations.” As a result
Crypto analyst Jason Pizzino, while emphasizing the positive market value-realized value indicator (MVRV) and the potential for growth of Bitcoin, US lawmakers are demanding that the Department of Justice investigation into Binance and Tether be expedited. Pizzino predicted that BTC could rise from $34,734 to $42,000. US officials underline the need for urgent steps to investigate the illegal financing activities of crypto companies.
