Bitcoin is showing signs of bullish momentum, according to a popular crypto analyst. Jason Pizzino, with a substantial following on YouTube, believes that Bitcoin is on the verge of a significant upward move after breaking into the mid-$90,000 range.
Pizzino points out that Bitcoin has broken March’s monthly high, which has negated previous bearish signals and suggests a potential for further gains. This break in the pattern from previous months indicates a shift in market sentiment and could result in a substantial price increase for Bitcoin.
Additionally, Pizzino highlights the weakness of the US dollar as measured by the US Dollar Index (DXY) as a positive indicator for Bitcoin. A declining DXY typically correlates with a strengthening Bitcoin price, and historical data supports this trend. With the US dollar hitting a 37-month low, Pizzino sees this as a further opportunity for Bitcoin to trend higher.
Another factor that Pizzino points to is the decline in Tether (USDT) dominance, indicating a shift in market dynamics. While USDT dominance is still above 50%, the breakdown of key levels suggests a potential for Bitcoin to rise further in value.
As of the time of writing, Bitcoin is trading at $95,252, reflecting a 2.5% increase in the last 24 hours. With multiple bullish indicators aligning, Pizzino’s analysis suggests that Bitcoin could be poised for a significant price surge in the near future.
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Image Source: Midjourney
In conclusion, Bitcoin’s price is showing signs of bullish momentum, with multiple indicators pointing towards a potential increase in value. As market dynamics shift and key levels are broken, investors may see Bitcoin as a favorable investment opportunity in the coming days.