Well-regarded analyst Jason Pizzino is bullish on Bitcoin (BTC) as the flagship crypto asset has traded in a tight range for days.
In a new video, Pizzino tells his 289,000 YouTube subscribers that Bitcoin could surge over 40% from current levels by September 2024.
The crypto analyst says his upside target of $42,000 is the range, or 50 percent level, between Bitcoin’s all-time high of $69,000 and BTC’s 2022 low of around $15,500.
“It’s possible we’ll see a test of $42,000 between now and September 2024. So basically in 12.13 months a test of the 50% level, $42,200 and then a pullback.”
Credit: Jason Pizzino/YouTube
Bitcoin is trading at $29,366 at the time of writing, up 0.7% over the past seven days.
After rallying above $40,000, Bitcoin could correct either slightly or significantly thereafter, according to Pizzino.
“It could be a little retreat like this [June to August of 2016] where it tested $700 and came back to $500.
Or it could be a deep decline that goes as low as $14,000 [in June of 2019] if the 50% [level] was just $11,500 and then went back up to $4,000 [in March of 2020].”
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