A widely followed crypto analyst is updating his outlook on Bitcoin’s (BTC) path forward in the ongoing bull market cycle.
In a new video update, crypto strategist Jason Pizzino tells his 320,000 YouTube subscribers that he is closely watching to see if Bitcoin will hit key price targets to the upside, which could lead to a six-figure value.
“Looking at some price targets. $72,500, get past that, obviously the all-time high at $74,000. My next two targets are $78,500. That one is based on this level here: we’ve got our extension tool from the weekly swing, so the low of the ETF (exchange-traded fund) [launch in January] to the top, projected off the current low, and 50% comes in at $78,400. Now the 100% is at $81,000.
That $81,000 comes from the entire move, that was the previous entire bull market from the low at $3,000 to the top at $69,000 projected from this low here at around $15,500…
And that’s why I’ve got here roughly $78,000 to $82,000. Should it run a little higher, doesn’t matter. That’s pretty much that price range that we’re looking for for the next move.”
Looking at his chart, the trader suggests if Bitcoin can flip $82,000 into support the next targets to the upside are $87,000, $96,000 and $113,600. The trader also believes that a Bitcoin rally to the $78,000 level could ignite altcoins to put up massive gains.
“Bitcoin does need to get above that $78,000 and start to consolidate above the $82,000 should it have the potential to get to those higher numbers, your $90,000s, your $100,000s. The reason being, if it gets stopped at this level here, $78,400, that would be 50% of this weekly range [from $39,000 in January] which could then send the price back down.
We’ve obviously got plenty of time to go from there. There is still about 11% to get to that $78,000. And in the meantime, that could also spur on your altcoin season.”
Bitcoin is trading for $69,369 at time of writing, down more than 1% in the last 24 hours.
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