Crypto Analyst Forecasts Big Bitcoin (BTC) Move to $40,000 – Here’s His Timeline – The Daily Hodl

Widely followed analyst Jason Pizzino is bullish on Bitcoin (BTC) as the flagship crypto asset trades in a narrow range for days.

In a new video, Pizzino tells his 289,000 YouTube subscribers that Bitcoin could climb by over 40% from the current level between now and September of 2024.

The crypto analyst says that his upside target of $42,000 is the range midpoint or the 50% level between Bitcoin’s all-time high of $69,000 and BTC’s 2022 low of around $15,500.

“It’s possible that we see a test of $42,000 happen within the period between now and September of 2024. So in basically 12,13 months, a test of the 50% level, $42,200, and then a retreat.”

Bitcoin is trading at $29,366 at time of writing, up by 0.7% over the past seven days.

After appreciating to over $40,000, Bitcoin could thereafter correct either mildly or substantially, according to Pizzino.

“It could be a small retreat like back here [June to August of 2016] where it tested $700 and came back to $500.

Or it could be a deep retreat where it tested all the way up to $14,000 [in June of 2019] when the 50% [level] was only $11,500 and then it came all the way back to $4,000 [in March of 2020].”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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• Source: https://dailyhodl.com/2023/08/16/crypto-analyst-forecasts-big-bitcoin-btc-move-to-40000-heres-his-timeline/