Renowned cryptocurrency analyst and trader Jason Pizzino has recently made predictions that Bitcoin (BTC) may potentially surge by approximately 55% from its current price levels. In his latest strategy session, Pizzino shared insights with his 355,000 YouTube subscribers, addressing the crucial dynamics affecting Bitcoin and the broader cryptocurrency market.
“For Bitcoin to experience a substantial surge, the dominance of USDT (Tether) in relation to other cryptocurrencies must break below a significant support threshold,” he clarified, emphasizing the importance of monitoring USDT dominance to gauge market movements.
“My theory is we need to see a breakdown below 3.7% for any substantial altcoin season and for Bitcoin to potentially rally beyond the $150,000 to $180,000 range,” Pizzino elaborated. He further noted that as long as USDT dominance fluctuates between 3.7% and roughly 4.8%, aggressive price movements for cryptocurrencies are unlikely.
As of now, USDT dominance stands at 4.35%. Pizzino reiterates that Bitcoin’s bullish trajectory could remain intact, as long as it sustains prices above the $110,000 mark.
“A consolidation under $106,000 would signal weakness in the market long-term,” he cautioned. “In a worst-case scenario, dropping below $99,000 could hinder the upward momentum, making the climb to higher prices more challenging. Ideally, maintaining a price above $110,000 to $111,000 is critical.”
He further provided analysis on the significance of market movements, saying, “If August continues on a weak note, I’ll be monitoring those price targets closely. A strong position around $111,000 to $110,000 indicates market strength, while anything below that suggests average health, and dips below $99,000 could spell trouble.”
Currently, Bitcoin is trading at $116,300, and traders are closely observing these key price levels as potential indicators for future movements in the market.
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