A prominent crypto analyst asserts that unfavorable news cannot halt Bitcoin’s (BTC) strong momentum.
In a new video update, renowned cryptocurrency trader Jason Pizzino informs his 284,000 YouTube subscribers that Bitcoin and the stock market appear to be disregarding negative economic news.
Bitcoin, according to Pizzino, has remained afloat despite the prospect of a recession and bank failures.
Bitcoin dropped 2% in 24 hours to $29,110.
Since nearly two months ago, Bitcoin has traded above $25,000.” Nothing will prevent Bitcoin from reaching $30,000, $40,000, or even $50,000 this year, despite all of the negative market news we’ve seen…
Even the stock markets are ignoring bad news, poor fundamentals, impending recessions, stubborn interest rates, and banking collapses in order to set new price highs for the year.
According to Pizzino, it will likely be impossible for investors to acquire the top crypto asset by market capitalization at a discount. As a result of Bitcoin’s resilience in the face of numerous pessimistic signals earlier this year, the analyst predicts that the cryptocurrency will shortly trade between $32,000 and $42,000.
“If individuals are waiting for these lower values, the market is telling us that it’s not going to happen at this time, particularly after the double-top breakout.
When a very large macro bearish signal fails at 50%, as it did here at $19,500, and fails on extremely bearish news, such as the banking collapse of Silicon Valley bank, Credit Suisse, Deutsche Bank, and every other bank that followed, the signal is deemed invalid.
When this bearish signal fails, as indicated by a break above that level, it is most likely a bullish signal and a bullish macro signal.
Consequently, what could happen next? Perhaps we’ll reach our limit at $32,000, $34,000, or $42,000, we’ll see.”
Bitcoin is trading at $29,110 at the time of writing, a decrease of 2% in the last twenty-four hours.