Bad news can’t stop Bitcoin (BTC) now, says popular analyst – here’s his outlook
A prominent crypto analyst says that less-than-favorable news cannot stop the strong momentum of Bitcoin (BTC).
In a new video update, popular crypto trader Jason Pizzino tells his 284,000 YouTube subscribers that Bitcoin and the stock market seem to be shrugging off bad economic news.
According to Pizzino, Bitcoin has kept its head above water despite the threat of recession and bank collapse.
“For almost two months, Bitcoin has traded above $25,000. With all the bad news we’ve seen in the markets, there’s nothing stopping Bitcoin from hitting $30,000, $40,000, maybe even $50,000 this year…
Even stock markets put aside bad news, bad fundamentals, looming recessions, fixed interest rates, bank collapses and set new price highs for the year.”
According to Pizzino, investors waiting to pick up the top crypto asset by market cap at a discounted price likely won’t be able to. The analyst says that BTC surviving through a series of bearish signals earlier this year means it could soon find itself in the $32,000 to $42,000 range.
“If people are waiting for these lower prices, what the market is telling us is that it’s not going to go down there at this point, especially after the breakout of the double top.
When you have a very large macro bearish signal that fails at 50%, as it did here at $19,500, fails on huge bearish news, which was the bank collapse of Silicon Valley bank, and then Credit Suisse, and then Deutsche Bank, and then every other bank that has followed suit.
When that bearish signal fails, and it breaks above it, meaning it failed, it’s most likely a signal to the upside, and a macro signal to the upside.
So what can happen from here? Maybe we top out here at $32,000, maybe $34,000, maybe $42,000, we’ll see.”
Bitcoin is trading at $29,110 at the time of writing, down 2% in the last 24 hours.
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Featured image: Shutterstock/Tueris
