In a recent analysis, crypto expert Jason Pizzino shared his optimistic outlook on the development of Bitcoin BTC/USD, suggesting the leading cryptocurrency is in the early stages of a bull market.
What happened: In a YouTube video last week, Pizzino said the market was showing signs of strength and growth potential. Pizzino believes that Bitcoin is preparing for a significant uptrend.
“This is the beginning of a bull market, just like the previous cycle and the previous cycle before that. The beginnings are not always so clear. You can’t be that clear,” he said.
“As soon as things are clear, it’s over. Then retail is the order of the day. Then everyone else is excited to enter the market because everyone else sees the same thing,” Pizzino added.
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According to Pizzino, Bitcoin will confirm the bull cycle more convincingly if it breaks above the key level of $28,500.
“This market has rarely seen spending under $25,000. I’m not saying it can’t last longer, but it’s six months above these weekly closes. Pretty good so far, but the cops aren’t there yet. You need to see at least some closes starting above $26,550. So I’m trying not to toot the horn too much here,” he said.
He added that there is still a lot of work for the Bulls to do.
“I can start doing this when we get back over the white line here at $28,500. “That’s pretty much one of those key levels for Bitcoin to consolidate above and continue to make those higher lows and then try to break through $32,000,” he said.
At the time of writing, Bitcoin was trading at $26,516.34, up nearly 3 percent over the past seven days.
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Source : www.benzinga.com