Cryptocurrency analyst and investor Jason Pizzino is highlighting a critical resistance level that Bitcoin (BTC) needs to overcome to potentially kick off a rally.
Pizzino tells his 333,000 YouTube subscribers in a new video that if Bitcoin appreciates by around 6% from the current level, the flagship crypto asset could set up conditions for a larger bullish move.
“Provided we start to see some tests and closes above $58,000 in the short term, this could be a nice little early bounce here coming up to test the more important level in my analysis around $61,500, which is the correction 50% from March down to August sliced in the middle.
That’s the next key level there for Bitcoin to test, overcome and consolidate above for basically the next phase of the bull, pushing into new fresh all-time high prices.”
According to Pizzino, Bitcoin could still fall by over 15% from the current level without invalidating the bullish thesis.
“[Bitcoin] still above roughly $52,000, $53,000 and the August low at $49,000 is still intact here. We’ve looked at previous levels to the downside – should this come back down it would still remain in a macro bull market if it came all the way back to the mid-$40,000s. And from that point, closes again back above $61,500 would start to get this show on the road to the upside.”
Bitcoin is trading at $57,870 at time of writing.
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