According to analyst Jason Pizzino, Bitcoin (BTC) is now trending towards an uptrend as the crypto king continues to show signs of strength.
On a YouTube video Posted on Sunday, Jason Pizzino told his 312,000 subscribers that the trend of the major crypto assets was still “unconfirmed.”
“Essentially, the time has come. The reason I say unconfirmed is that you have higher highs and lower lows. Until this one [higher] low and then starts to break higher, which would be confirmation of an uptrend.”
Bitcoin broke out the day after his video, rising more than 9% in 24 hours, indicating that BTC may have just confirmed an uptrend after making a higher low around $50,000.
Pizzino, citing the market’s strength, also noted that he would still “lean toward the upside” for Bitcoin even if it were to experience a short-term slump in the future.
The analyst notes that the $45,000 range would likely be his target if Bitcoin’s price corrects. He thinks a bigger drop to the $38,000-$39,000 range is “relatively unlikely” as this would mark the biggest correction in BTC’s current movement.
The top crypto asset by market cap is trading at $56,388 at the time of writing. Even after hitting a new two-year high, Bitcoin remains about 18% lower than its all-time high of over $69,000, which it reached in November 2021.
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