A widely followed crypto analyst is unveiling his potential price target for Bitcoin’s (BTC) current market cycle peak.
In a new video update, crypto strategist Jason Pizzino tells his 338,000 YouTube subscribers that Bitcoin may hit a cycle top after a 33% gain from its current value.
He identifies price extension levels on the monthly timeframe from swing lows to predict Bitcoin may soon hit six figures.
“The Bitcoin price target is looking towards $122,000. The reason for that are these two swings…
I’m using the first swing and the second swing… Let’s start with the second swing. Projected off the swing low you can see we sliced through 50% [at $73,578] and coming towards the 100% [at $98,045] but the 150% is at $122,000.
The first swing, which is from the lows [in November 2022], has already proven to us that it works. It got to 150%. It also got to 300% and is now looking towards the 500% and the 600% [at around $122,000].
Now bring both of these up together, because we have a price cluster coming together at that $122,000…
When these price targets come together on longer-term timeframes, especially off significant levels, there is a higher chance that it’s going to hit these particular levels. So I’m looking forward to somewhere around that $122,000 as a longer-term price target coming up. First, we’ve got to get through the $90,000s cleanly, and then we’ve got to get through the $100,000s, of course.”
He also says that Bitcoin could surge much quicker than the first two large rallies in the cycle based on historic precedence, suggesting the six-figure price target may be hit by January.
“In terms of the timeframe, this first range took eight months. This next range took seven months.
So let’s start with seven. That would take us out to about March 2025, and then, of course, eight months would take us to April 2025.
Having said that, if this market is speeding up and things are going a lot quicker than they were at the beginning, which generally happens, then you could look somewhere around four months to five months. So that takes you to December into January. So half of those time periods.”
Bitcoin is trading for $91,277 at time of writing, up 2% in the last 24 hours.
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