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 appear to be shrugging off bad economic news.
According to Pizzino, Bitcoin has kept its head above waters despite the threat of a recession and banking collapses.
“For nearly two months, Bitcoin has been trading over $25,000. With all of the bad news that we have seen in the markets, nothing is swaying Bitcoin from hitting $30,000, $40,000, maybe even $50,000 this year…
Even the stock markets are putting aside bad news, bad fundamentals, looming recessions, sticky interest, banking collapses, and setting 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 will likely not be able to do so. The analyst says that BTC surviving through numerous 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 big macro bearish signal that fails at 50%, which it did here at $19,500, fails on huge bearish news, which was the banking collapse of Silicon Valley bank, and then Credit Suisse, and then Deutsche Bank and then every other bank that’s followed.
When that bearish signal fails, and it breaks above that, meaning that it failed, it’s most likely a signal to the upside, and a macro signal to the upside.
So what could happen from here? Maybe we top out here at $32,000, maybe $34,000, maybe $42,000, we’ll see.”
Bitcoin is trading for $29,110 at time of writing, a 2% drop during the last 24 hours.
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