Crypto analyst Jason Pizzino argues that Bitcoin’s strong momentum will not be affected by negative news, with his recent statements. Pizzino states that Bitcoin and the stock market ignore bad economic news.
Pizzino thinks that the recent banking crisis cannot stop Bitcoin’s rise. According to Pizzino, who shares his current evaluations on YouTube, Bitcoin has managed to stay strong despite the threat of recession and banking collapses:
“For about two months, Bitcoin has been trading above $25,000. With all the bad news we’ve seen in the markets, nothing is stopping Bitcoin from reaching $30,000, $40,000 and maybe even $50,000 this year…
Even equities are suspending bad news, bad fundamentals, impending recessions, sticky interest rates, banking bankruptcies, and setting new price peaks for the year.”
Koinfinans.com As we reported, investors who expect to buy the best crypto asset by market cap at a discounted price will likely not be able to, according to Pizzino. According to the analyst, the fact that Bitcoin (BTC) survived with multiple bearish signals earlier this year means it could soon find itself in the $32,000 to $42,000 range.
“If people are expecting these low prices, what the market is telling us is that it will not go down at this point, especially after the double top is broken.
When you have a very large macro bearish signal that fails 50% (…) as it did here at $19,500 (…) it goes above that bearish signal, ie when the signal fails, it is most likely an upside macro signal.
So what could it be from here? Maybe $32,000, maybe $34,000, maybe $42,000, we’ll see if we reach the top.”
Bitcoin is trading at $28,970 at the time of writing, down 1% in the last 24 hours.
You can follow the current price action here.