Next Bitcoin Bull Run
Crypto analyst Jason Pizzino has recently uploaded important updates about the upcoming bullish momentum for Bitcoin. The analyst has added a new video on his YouTube channel revealing that the flagship cryptocurrency is showing signs of a new bullish development.
He revealed that virtual currency markets are now consolidating and recovering. He projected an upcoming appreciation in the blockchain sector. He further projected that Bitcoin is set for a probable uptrend.
He retained that various metrics are indicating signs for an upcoming bullish development for Bitcoin as it happened in preceding cycles.
He retained that the start of a formal bull run is often not clear. He further explained that when things will become clearer, it would mark the end of the bearish run. He pointed out that it would be the same time when retail markets will zero in since more investors would want to get into the Bitcoin sector on account of positive inflows.
He has set a threshold of $28,500 as the confirmation for a strong bullish development. He maintained that spot price flicked out of $25K level while maintaining that it has been more than 6 months leading to upside weekly closes.
Bitcoin’s Price to Move Above $32K Level
Analyst Pizzinio has retained that bulls are continue to monitor the markets until the price is within the $26,550 range. He has identified important resistance levels where bulls are likely to make an effort to gain control of the market.
On this account, the analyst suggested that bulls are going to continue to stay connected to the market until they get prices to reach as high as $28,500. As per the analyst, $28,500 can serve as a key support for BTC price to continue to consolidate forward.
He maintained that the flagship crypto can then look at the $32K resistance line for further bullish development.
At press time, Bitcoin prices are noted at $26,510 with 3% increase on the weekly basis. However, the price development for the premier currency can absorb the impact of important developments.
On Monday, SEC and Binance case hearing will take place. The agency has asked court to take note of the non-cooperating stance of exchange. At the same time, federal agency has also raised question about the untraceable evidence provided by BinanceUS operator BAM.
In addition, there are other economic factors that can set the direction for the virtual currency markets.
At present, the world is dealing with an ongoing economic crisis on account of the COVID-19 restrictions. Important economic indicators such as inflation ratios can have a significant influence on Bitcoin price development.
Department of Labor has already published its CPI readings but it is time for EU to issue the same projections on Tuesday. EU is expected to issue statistics regarding YoY inflation rate, MoM inflation rate, CPI, and YoY core Inflation Rates.
The movement of economic factors is going to have a visible impact on Bitcoin prices that in turn reflects on the altcoin price momentum. On Wednesday, Federal Reserve will publicize interest rates decision. Chairperson Jerome Powell will address media following the projections.
Analysts have revealed that Bitcoin market dominance has been restored to 50% with its market cap elevated to $520 billion. In this context, altcoin prices have slumped.