Jason Pizzino, a popular trader and analyst, is optimistic about a Bitcoin (BTC) rally, which could be higher if the major crypto asset maintains the prevailing momentum.
Pizano told 267,000 Youtube subscribers that bitcoin will hit higher highs after overcoming key resistance levels, which are currently trading at $31,621 respectively.
If we rise above these resistance levels, consolidate and continue higher higher with higher highs and higher lows, the next major levels are the $48,000 and $52,000 levels.
He went on to say that bitcoin needs a lot of work at the lower levels, as we are getting way too far ahead of ourselves to consider reaching $40,000 or even below $50,000.
Bitcoin needs to cross the first two resistance levels to reach highs at $32,800 and $34,500 respectively.
“50” [fibonacci retracement level] Which is just above it, is $32,700. So far a round number is above that $32,800. So that our first level is $32,000 and the next level is the most important level. So $34,500 is our prime 50 . Is [Fibonacci retracement] level from all-time high [of $69,044] to zero. So far we have $32,800 and we have $34,500.”
Moreover, Pizano also notices a third resistance level near the $38,000 level. It is actually about $37,500 and a round number above that can be considered as $38,00.
Thus, the three resistance levels we are seeing now are on record, the first one is around $32,800 and the next around $34,500. So the third level here is around $38,000.
With this in mind, crypto analysts are predicting that Bitcoin will move higher after consolidating above the third resistance level of $38,000.
Quote: “If We Get Over It All” [resistance levels] At the earliest, then we begin to climb above those levels and work our way higher to consolidate above the $38,000 level.”
