Bitcoin Can Hit New ATH Following Resistance | CryptoGazette
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There are all kinds of optimistic crypto predicitons lately about the price of Bitcoin. This comes after the market has been seeing a lot of corrections lately.
Bitcoin entered the accumulation phase
Popular crypto analyst Jason Pizzino reveals a realistic timeframe for when Bitcoin (BTC) can surge to a new all-time high.
He recently said that while Bitcoin is going through a solid bounce from its 90-day low of $32,990, he sees a lot of resistance ahead for the king coin.
“That’s our major level, as well – $36,000 is the game where it seems like a lot of the whales are playing between those levels: $36,000 and currently the $38,000, getting rejected. So if we get above the $38,000 or this top here around $39,000, there’s a lot of resistance above.”
He continued and said this:
“There’s pretty much every single thousand dollar level now on the way up, there’s going to be some sort of support and resistance.”
He believes that it’s going to be a difficult game getting out of these lows.
In the short to medium term, he believes that Bitcoin will likely enter an accumulation period where whales and smart money investors load up on BTC in anticipation of the next leg up.
He explained that the accumulation period can sometimes take a year or more.
“I don’t think we’re going to see new all-time highs this first half of the year. Maybe late in the second half of this year, but we have a lot of climbing to do.”
He said that only after this, BTC can print new ATHs.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $38,986.
Mainstream Bitcoin adoption could not be a factor that boosts BTC’s price according to the latest reports. As you probably know by now, the crypto market has been seeing massive corrections during the past weeks.
Now, it seems that there are brighter days coming our way according to the latest predictions.
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