Crypto analyst Jason Pizzino has analyzed the recent performance of Bitcoin (BTC), claiming that breaking above a key resistance zone can bring big gains.
It is a fact that Bitcoin has been going through a difficult period in recent days. The price experienced a series of dips and fluctuations, influenced by various factors. However, in an interview with David Lin, Pizzino analyzed the current situation of Bitcoin, saying that a significant rise could occur with the breaking of a certain resistance level.
According to Pizzino, there is a dense resistance zone between $28,000 and $32,000 for Bitcoin. However, Pizzino thinks that if this resistance zone is overcome, Bitcoin could enter a major bull market:
“So $28,500 to $32,000 will be a key level that Bitcoin has to overcome. Once that happens, I think you’ll start to see less of the bears and more of the bulls.
Basically, comments from people saying that Bitcoin should drop further and we will see new cycle bottoms… Once we overcome this critical level, that is, between $28,000 and $32,000, these comments will become less and less.
Once they pass this level, there is nothing left for them. They will then be looking at $48,000 as the next level. And then of course all-time highs.”
As can be seen, according to the analyst, Bitcoin has the potential to increase by about 80% in price as it surpasses this critical resistance level. This represents a significant rise from the current price level and could represent a great opportunity for investors. However, it is important to remember that like any investment, cryptocurrencies have risks.
In addition, Pizzino states that going forward, if the price of Bitcoin rises in small incremental steps instead of large spikes, it may have a more sustainable rally. According to the analyst, while extreme volatility and sudden price changes are often seen in the cryptocurrency market, the slow and steady rise of Bitcoin can be considered a healthier market move.
“The further we move these small increments in steps, the better for Bitcoin because at lower levels there is more stability in price. So instead of the ridiculous FOMO spikes we see in these models, we get these nice gradual steps.”
You can check the price movements here.