Bitcoin Could Ignite a Bull Run if it Breaks Past Critical $61,500 Resistance, Analyst Says
The post Bitcoin Could Ignite a Bull Run if it Breaks Past Critical $61,500 Resistance, Analyst Says appeared on BitcoinEthereumNews.com.
Cryptocurrency analyst and investor Jason Pizzino has shared the crucial resistance level Bitcoin (BTC) must overcome for a potential upswing. In a recent YouTube video, Pizzino outlined scenarios that could set the stage for a significant bull run if Bitcoin experiences a modest increase. Pizzino highlighted that surpassing specific price points could lead to Bitcoin testing its next critical resistance, propelling it toward new all-time highs. Discover the pivotal resistance levels Bitcoin needs to surpass to ignite a major bullish trend, according to expert analyst Jason Pizzino. Bitcoin’s Immediate Challenge: Breaking the $58,000 Barrier Jason Pizzino asserted that Bitcoin could initiate a substantial bull run if it manages to test and close above the $58,000 mark in the short term. Currently trading around $58,125, Bitcoin’s performance above this level could pave the way for the next major resistance at approximately $61,500. Surpassing this critical stage would signify the possibility of achieving new all-time highs and a robust bullish phase. Potential Dips and Market Resilience Pizzino also addressed the resilience of Bitcoin’s bull market even if the cryptocurrency experiences a decline exceeding 15% from its current position. Maintaining levels around $52,000-$53,000, and safeguarding the August low of $49,000, preserves the overarching bull market scenario. Even a retracement to the mid-$40,000s wouldn’t necessarily invalidate the bullish outlook. However, sustained actions and closings above $61,500 would significantly reignite the upward momentum. Market Data Reflects Slight Uptick According to CoinGecko, Bitcoin recorded a modest 0.2% increase over the past 24 hours. This marginal rise implies ongoing consolidation around the pivotal $58,000 level. As these thresholds are critical for upcoming market decisions, traders and investors remain alert to how Bitcoin navigates these resistance levels in the immediate future. Conclusion Jason Pizzino’s analysis underscores the importance of Bitcoin surpassing key resistance levels to sustain its bullish…
Filed under: News - @ September 13, 2024 8:26 pm