The worst month for bitcoin since the pandemic-induced panic selling of March 2020 was January 2022, although the price is showing signs of recovery. However, the price of Bitcoin has recovered above $38,000, ether has broken above the $2,750 resistance zone, and SOL has climbed over 20% to begin a robust recovery.
Jason Pizzino, a well-known cryptocurrency analyst, has revealed a realistic timeline for when Bitcoin (BTC) could reach a new all-time high. While BTC Price is bouncing back from its 90-day low of $32,990, Pizzino expects a lot of resistance ahead for the flagship cryptocurrency in a new strategy session.
No ATH for BTC soon?
According to him, $36,000 is the game where a lot of whales appear to be playing between those levels: $36,000 and $38,000, and getting rejected. There’s a lot of resistance above $38,000 or this high around $39,000 if we go above it. On the way up, there will be some type of support and resistance at pretty much every single thousand dollar level.
You can see the key low, which was on the 10th of January so that low was around $40,000 simply for this turning point. Then you can raise your eyes a little higher. The bottoms are $42,000, while the tops are $44,000. As a result, climbing out of this will be a challenging task.
Pizzino predicts that Bitcoin will enter an accumulation phase in the short to medium term, with whales and smart money investors stockpiling BTC in preparation for the next leg up. According to the crypto strategist, the accumulation process can take a year or longer in some cases.
The analyst forecasts that Bitcoin will be able to print a new all-time high, despite significant resistance and the risk of an extended consolidation period. He does not believe that new all-time highs will be set in the first half of the year. We’ll probably start ascending in the second half of this year, but we’ve got a long way to go, he said.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-still-has-a-long-way-to-go/