Bitcoin (BTC) Forms Bullish Structure While US Dollar Weakens

It has been just revealed that the latest prediciotns about the price of Bitcoin are really optimistic. Check them out below.

According to crypto analyst Jason Pizzino, the current market structure of Bitcoin (BTC) suggests that an uptrend is underway.

Pizzino, in a new strategy session, informs his 290,000 YouTube subscribers that if BTC successfully settles above the $28,400 mark, a strong upward surge will likely follow.

He notes that $28,400 is a crucial level, but as long as the market continues to hold up, which it has been doing since the September low, it appears to be the start of a new trend towards the upside.

The only thing that could cause a breakdown is if the market falls to key support levels, such as around the $27,200 level, which could result in a test of lower prices.

Pizzino believes that if BTC drops to roughly $27,200, it could send things a little bit south for a longer period.

According to Pizzino, if the US dollar index (DXY) weakens, this could potentially boost Bitcoin’s value. A weaker dollar typically indicates a rise in riskier assets such as Bitcoin. Pizzino also suggests that DXY may decline after being rejected at the 107 level, which is the midpoint between its previous high and low points.

“You’ve got to respect the trend, but we can start to look at areas of significant resistance, which may cause a reversal in the coming days, weeks or months.”

He continued and said the following:

“So we need to play this like a trader. The trend is still up, but we’re seeing some resistance at the moment on smaller, shorter moves to the upside which means potentially you’re seeing some of the energy run out, at least in the short term. If you start to see the US dollar break above 107 and consolidate. 109 to 110 are the levels that we’re watching…

There’s still potentially some room to run to the upside, but for now, we’re seeing some resistance at that 50% level.”

Stay tuned for more exciting news from the crypto space.