Cryptocurrency expert and trader Jason Pizzino has indicated that Bitcoin (BTC) is displaying a promising bullish signal as it remains approximately 5% below its all-time high.
Pizzino, who shares insights with his 358,000 YouTube followers, notes that while Bitcoin is currently forming a bearish “double top” pattern on the daily chart, it could shift to a strong bullish trend if BTC manages to break out upwards.
A double top pattern signifies a bearish reversal and occurs when the price reaches a peak before declining. It then rises again but fails to exceed the previous peak, resulting in an M-shaped formation or double top.
“A breakout from a double-top can be quite telling. This suggests that there should be downward movement; however, if we see an upward breakout with sustained closes above this level, it indicates that bears are losing their grip and bulls are poised to take over… I believe significant upward movement is on the horizon even if we experience some pullback.”
Pizzino also mentions that Bitcoin could experience minor declines without altering its current bullish market framework.
“In terms of potential pullbacks, there’s still support around $112,000 based on previous lows. The swing low hovers between $113,000 and $112,000. Thus any pullback within this range of $112,000 to $114,000 would still indicate short-term bullishness.”
As of now, Bitcoin’s trading price stands at $117,197.
Pizzino identifies key resistance levels for potential upside targets for Bitcoin which have remained unchanged for nearly a month.
“We’re closely monitoring the critical level at $120,000… surpassing this would place us above the interest rate announcement made on August 22nd… Currently prices have not exceeded this peak.”
