Bitcoin Now Leaning to the Upside As Market Strength Builds, According to Crypto Analyst Jason Pizzino
Bitcoin (BTC) is now leaning toward an uptrend as the crypto king continues to flash signs of strength, according to analyst Jason Pizzino.
In a YouTube video posted on Sunday, Jason Pizzino told his 312,000 subscribers that the top crypto asset’s trend was still “unconfirmed.”
“Essentially it’s up. The reason I say unconfirmed is you’ve got higher highs, lower lows. Until this puts in a [higher] low and then starts to break higher, that would be the confirmation of an uptrend.”
Bitcoin broke out the day after his video, surging more than 9% in 24 hours, indicating that BTC may have just confirmed an uptrend after setting a higher low at around $50,000.
Pizzino, citing the strength of the market, also noted that he would still “lean toward the upside” for Bitcoin even if it does endure a short-term breakdown in the future.
The analyst notes that the $45,000 range would likely be his target if Bitcoin’s price corrects. He thinks a larger drop down to the $38,000-$39,000 range is “relatively unlikely,” given that it would represent the biggest correction in BTC’s current move.
The top crypto asset by market cap is trading at $56,388 at time of writing. Even after printing a fresh two-year high, Bitcoin remains around 18% down from its all-time high of more than $69,000, which it hit back in November 2021.
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