A renowned crypto analyst says that negative news cannot stop the strong momentum of Bitcoin (BTC).
In a recent video update, popular crypto trader Jason Pizzino spoke to his 284,000 YouTube subscribers. Pizzino claims that Bitcoin and the market ignore bad economic news. According to Pizzino, despite the threat of recession and banking collapses, Bitcoin manages to stay afloat.
"For about two months now, Bitcoin has been trading above $25,000. We are well aware of all the bad news we see in the markets. However, nothing can prevent Bitcoin from reaching $30,000-$40,000 this year, and maybe even $50,000. Even the exchanges disregard bad news, poor fundamentals, upcoming recessions, interest rates, banking failures, and set new price highs for the year."
According to Pizzino, investors waiting to buy Bitcoin at a lower price will likely miss out. The analyst says that Bitcoin surviving numerous bearish signals earlier this year indicates that it may find itself in the range of $32,000 to $42,000 soon.
"If people are waiting for these lower prices, what the market is telling us is that it's not going down from this point, especially after breaking the double top. When you have a massive macro bearish signal that fails at around $19,500, and it fails on news of banking collapses, that failed bearish signal, when it breaks above, is likely a bullish signal and a macro bullish signal at that."
So, what happens next? Maybe we reach a peak at $32,000, maybe $34,000, or even $42,000; we'll see.
This article is not investment advice. Anyone considering investing should do their own research and take their own risks.
