Bitcoin (BTC) is now leaning toward an uptrend as the crypto king continues to flash signs of strength, according to analyst Jason Pizzino.
In a YouTube video posted on Sunday, Jason Pizzino told his 312,000 subscribers that the top crypto asset’s trend was still “unconfirmed.”
“Essentially it’s up. The reason I say unconfirmed is you’ve got higher highs, lower lows. Until this puts in a [higher] low and then starts to break higher, that would be the confirmation of an uptrend.”
Bitcoin broke out the day after his video, surging more than 9% in 24 hours, indicating that BTC may have just confirmed an uptrend after setting a higher low at around $50,000.
Pizzino, citing the strength of the market, also noted that he would still “lean toward the upside” for Bitcoin even if it does endure a short-term breakdown in the future.
The analyst notes that the $45,000 range would likely be his target if Bitcoin’s price corrects. He thinks a larger drop down to the $38,000-$39,000 range is “relatively unlikely,” given that it would represent the biggest correction in BTC’s current move.
The top crypto asset by market cap is trading at $56,388 at time of writing. Even after printing a fresh two-year high, Bitcoin remains around 18% down from its all-time high of more than $69,000, which it hit back in November 2021.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
