Crypto analyst Jason Pizzino claims that Bitcoin (BTC) could surge by double-digit percentage points once it rises above a key resistance zone.
In an interview on the David Lin Report, Pizzino says that Bitcoin is facing major resistance at between the $28,000 to $32,000 level.
According to Pizzino, the flagship crypto asset could surge by nearly 80% from the current price when it breaches the major resistance zone.
“So $28,500 to around $32,000 is going to be a key level for Bitcoin to overcome. I suspect when it does, you will start to see less of the bears and more of the bulls.
Basically comments from people saying that this thing has to go lower and we’re going to see new cycle lows… That will become less and less once we overcome this key, you know, crossing here between $28,000 and $32,000.
There’s just nothing left for them once it overcomes this level. They will be then looking towards $48,000 as the next level. And of course the all-time highs.”
Bitcoin is trading at $26,798 at time of writing.
The crypto analyst says that going forward, Bitcoin would have a more sustainable rally if it appreciates in price by small incremental steps rather than huge sudden surges.
“The more we go up in these little stair-stepping movements, the better that is for Bitcoin because there’s more stability in price at lower levels.
So we get this nice stair-stepping move up rather than this ridiculous FOMO (fear of missing out) pump that we see in those patterns. These are unsustainable.”