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Market analyst and prominent podcaster Preston Pysh says Bitcoin is poised to continue its parabolic ascent.
In a new episode of the What Bitcoin Did podcast, Pysh says BTC will prove critics and naysayers wrong in the coming months as he believes the leading crypto asset will outperform beyond expectations.
“I think it’s going to be epic. I think the price between now and mid-April is going to be gangbusters, way more than people are expecting. And then, I think you’re going to go through some natural chop in volatility from there into the six figures by mid-summer into the fall. I think it’s going to be fascinating to watch. I can’t wait to see the CNBC talking heads still not understand it.
It’s going to be fun because everyone’s looking at it and they’re saying, ‘What is this thing? This doesn’t make any [sense].’ The same thing that you’ve seen with all the people that have been long Tesla and all your traditional folks that were saying, ‘Oh, it’s going to die here.’ It’s the same exact lens being applied to Bitcoin but probably 10x more so.”
As for the exact price of Bitcoin, Pysh refers to a tweet that shows Bitcoin pulling off a steep rise and printing gains of over 106% in two months.
“I redrew it and that’s why I’m saying on the chart, whether this happens or not, I have no idea, but the redraw that I just recently posted, I think last week, has the price at $95,000 in mid-April before it starts to going into some chop.”
According to Pysh, the chop will likely send Bitcoin back down to $50,000 before resuming its ascent and targeting $150,000 by the end of June.
In other trending Bitcoin News today:
BITCOIN SHOWS DOUBLE BULLISH CONFLUENCE; NEXT TARGET: $50,000
A confluence of two classic technical indicators suggests Bitcoin will hit $50,000 in the short-term.
Dubbed as Bull Flag and Bull Pennant, both the patterns represent a period of consolidation after a strong uptrend, except with different structures. For instance, Bull Flags appear like downward sloping channels, wherein an asset moves lower while leaving behind a trail of higher lows and lower lows.
Meanwhile, Bull Pennants look like a Symmetrical Triangle, wherein the price forms higher lows and lower highs until its upper and lower trendlines converge. Both indicators point to trend continuation, meaning an asset would likely breakout to the upside after exiting their ranges.
The breakout’s length comes to be as higher as the flagpole’s height, i.e., the uptrend before the consolidation.
DOUBLE BULLISH CONFLUENCE
Bitcoin is forming the two bullish patterns on its one-hour chart, with its previous flagpole’s length coming at $8,750. Therefore, the indicators note that the next price breakout could take BTC/USD as high as $8,725.
As of now, the pair is trading just above $45,000. Considering it consolidates further into the Pennant pattern, reaching the apex (~$44,500) before suggesting a breakout move, the upside price target would shift towards $53,225 (after adding $44,500 and $8,725).
The same theory holds valid for the Bullish Flag indicator, as shown in the chart below, except its breakout target may vary.
More reasons to stay bullish on Bitcoin come from recent events, including Tesla’s $1.5 billion investment into the cryptocurrency as an alternative to its cash reserves and Twitter’s hopefulness to copy the trade. Many analysts believe that Bitcoin would become a de-facto asset in the corporates’ balance sheets.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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