Prominent analyst Jason Pizzino reveals the actual timeframe Bitcoin could surge to a new all-time high (ATH).
In one strategy session Neu, Pizzino says that while Bitcoin is recovering firmly from a 90-day low of $32,990, he sees plenty of resistance for the top cryptocurrency.
“This is also the most important bitcoin level – $36,000. It looks like many whales are operating between these levels: $36,000 and now $38,000 being rejected. So if we break above $38k or the high here around $39k there will be ample resistance above. Currently there will be support and resistance at each thousand dollars.
You can see the key low here on January 10th around $40,000. Then you can search a little further. BTC reclaimed $42,000 and peaked at $44,000. So it’s going to be a tough game to get out of those lows.”
The source: Jason Pizza
In the short to medium term, Pizzino believes Bitcoin is likely to enter an accumulation phase with whales and smart money investors flocking in and anticipating the next rally. According to strategists, the accumulation period can sometimes last a year or more.
As Bitcoin faces the same “heavy” resistance levels, with the possibility of entering an extended period of consolidation, Pizzino predicts when the crypto king could form an ATH:
“I think bitcoin will not hit a new ATH in the first half of this year. Maybe in the second half of the year, but there is still a lot to do.”
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