Unstoppable Bitcoin? A popular crypto analyst, Jason Pizzino, suggests that even negative news can’t stem Bitcoin’s (BTC) strong momentum.
According to a report by The Daily Hodl, in a recent video update, Pizzino shared with his 284,000+ YouTube subscribers that both Bitcoin and the stock market seem to be ignoring negative economic news. Despite the threat of a recession and possible bank failures, he observed that Bitcoin has held its position, trading above $25,000 for almost two months.
Pizzino emphasized that despite all the negative news in the markets, Bitcoin remains on course to potentially reach $30,000, $40,000 or even $50,000 this year. He also noted that stock markets continue to make new highs for the year, seemingly unaffected by bad news, bad fundamentals, looming recessions, sustained interest rates and bank failures.
According to Pizzino, investors waiting to buy the leading crypto asset at a reduced price could be out of luck. He explained that after weathering multiple bearish signals earlier this year, BTC could now find itself in a price range between $32,000 and $42,000.
Pizzino went on to say that market resistance to lower prices, especially after the double top breakout, is a key indicator. He pointed to the failure of key macro bearish signals, such as the bank failures of Silicon Valley Bank, Credit Suisse, Deutsche Bank and others that followed. He explained that when such bearish signals fail and Bitcoin’s price surpasses them, it likely indicates a macro signal to the upside.
As for the future, Pizzino speculated that Bitcoin could be at $32,000, $34,000 or even $42,000. At the time of writing, Bitcoin is trading at $28,983, down 1.55% over the past 24 hours, but posting an impressive 74.37% year-to-date gain.
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