Jason Pizzino, a cryptocurrency analyst and trader, believes that Bitcoin (BTC), at its current price level, could rise by 55%.
Pizzino told his 355,000 YouTube followers that USDT stabilitycoin’s dominance over other cryptoassets (USDT ratio) must fall below an important support level for Bitcoin to reach new highs.
“… My theory is that we must get to a break-down of 3,7% before there can be a real altcoins season, and Bitcoin could potentially go beyond the $150,000 to $180,000 level.
“I think that while [USDT dominance] is in the range between 3,7% and 4,8%, it’s unlikely you will see these extreme numbers.”
At the time of this writing, USDT dominates at 4.5%.
Pizzino believes that Bitcoin’s bullish outlook will continue if the price stays above $110,000.
I wouldn’t like to see the market settle below $106,000. That’s going look weak …. on the long run. In the worst case scenario, $99,000 below $106,000 will be a target that is slow to move for next rise. For bulls, the ideal price is above $110,000 or $111000.
If August will continue to be weak, I look at the price targets to determine the strength of my next move. Strong. $111,000 to $100,00 – average. Below that is average. Below that is weak. Below about $99,000…I don’t even want to think of it.
Bitcoin currently trades at $116.300 as of the time this article was written.
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The post Bitcoin could explode to $180,000 according to Crypto Analyst Jason Pizzino. Here’s what needs to happen may change as new information becomes available.
