Price fireworks or setback? Bitcoin is facing a decisive turning point!

Price fireworks or setback? Bitcoin is facing a decisive turning point!

Jason Pizzino, a respected crypto analyst and trader with 358,000 subscribers on YouTube, recently published his insights on the current situation of Bitcoin (BTC). According to dailyhodl.com, the Bitcoin price is currently about 5% below its All-time high and trading at $117,197 at the time of report.

Pizzino points out a bearish “double top” pattern visible on Bitcoin’s daily chart. This pattern, forming an M shape, suggests a potential bearish reversal. However, he emphasizes that a move above this double top could potentially signal a bullish trend. Despite the current uncertainties, the analyst expects that a significant increase is possible, although short-term declines are expected.

Support and resistance levels

Pizzino also sets key support levels between $112,000 and $114,000. This level could be crucial for the Bitcoin price to prevent a stronger correction. On the other hand, it identifies a key resistance level at $120,000 that has been in place for almost a month. A break above this level could also mean that the Bitcoin price has survived the interest rate declaration of the past few months.

In conclusion, despite the ongoing market volatility, Pizzino's analysis paints a more positive outlook for Bitcoin. He explains that even if there is a drop of a few percentages, the bullish market structures could remain intact.