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30 May 2023 | 12:49 am
The post Bitcoin Price Might Surge More Than 80% If This Scenario Plays-Out appeared first on Coinpedia Fintech News
In a recent interview on the David Lin Report, esteemed crypto analyst Jason Pizzino shared his insights on Bitcoin’s future trajectory, predicting a significant surge for the leading cryptocurrency. Pizzino believes that Bitcoin’s price could skyrocket by more than 75% once it successfully surpasses a crucial resistance zone.
Currently, Bitcoin faces a formidable challenge as it encounters substantial resistance between the $28,000 to $32,000 range. Pizzino emphasizes the significance of this key level, stating that a breakthrough beyond this resistance could trigger a momentous rally for the digital asset.
“You will start to see less of the bears and more of the bulls”.
His forecast suggests that Bitcoin has the potential to surge by nearly 80% from its current price if it successfully overcomes the aforementioned resistance zone. Such a breakthrough would likely shift market sentiment, with bears losing their influence and bullish sentiment taking hold among investors.
The crypto analyst explains that once Bitcoin conquers this critical level, the negative sentiment calling for further price declines and new cycle lows would dissipate. Market attention would then shift towards the next target level at $48,000, followed by a potential retest of the all-time highs.
As of the time of writing, Bitcoin is trading at $26,798, underscoring the significance of the impending resistance level that needs to be surpassed to unlock its full upward potential. Pizzino lays the importance of a sustainable rally, advocating for gradual and incremental price appreciation instead of sudden and unsustainable surges.
The analyst suggests that Bitcoin’s stability and long-term growth are better served by a stair-stepping pattern of incremental price movements. This approach fosters stability at lower price levels, compared to the unsustainable FOMO-driven pumps witnessed in previous market cycles.
Also Read: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030