Tuesday, October 3, 2023

Bitcoin Price Might Surge More Than 80% If This Scenario Plays-Out

Will Bitcoin Price Hold $25k
Will Bitcoin Price Hold $25k

In a recent interview on the David Lin Report, esteemed crypto analyst Jason Pizzino shared his insights on Bitcoin’s future trajectory, predicting a significant surge for the leading cryptocurrency. Pizzino believes that Bitcoin’s price could skyrocket by more than 75% once it successfully surpasses a crucial resistance zone. 

Analyst’s Bullish Prediction

Currently, Bitcoin faces a formidable challenge as it encounters substantial resistance between the $28,000 to $32,000 range. Pizzino emphasizes the significance of this key level, stating that a breakthrough beyond this resistance could trigger a momentous rally for the digital asset. 

“You will start to see less of the bears and more of the bulls”.

His forecast suggests that Bitcoin has the potential to surge by nearly 80% from its current price if it successfully overcomes the aforementioned resistance zone. Such a breakthrough would likely shift market sentiment, with bears losing their influence and bullish sentiment taking hold among investors.

The crypto analyst explains that once Bitcoin conquers this critical level, the negative sentiment calling for further price declines and new cycle lows would dissipate. Market attention would then shift towards the next target level at $48,000, followed by a potential retest of the all-time highs.

Shifting Sentiment and Market Outlook

As of the time of writing, Bitcoin is trading at $26,798, underscoring the significance of the impending resistance level that needs to be surpassed to unlock its full upward potential. Pizzino lays the importance of a sustainable rally, advocating for gradual and incremental price appreciation instead of sudden and unsustainable surges.

Stability and Long-Term Growth

The analyst suggests that Bitcoin’s stability and long-term growth are better served by a stair-stepping pattern of incremental price movements. This approach fosters stability at lower price levels, compared to the unsustainable FOMO-driven pumps witnessed in previous market cycles.

Also Read: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030

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Photo of Qadir AK

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Bitcoin, the world’s leading digital currency, is often the topic of conversation in financial circles these days. Its price has skyrocketed to all-time highs in 2021, and many investors have made outsized gains thanks to its limited supply and decentralized nature. But what would happen if another bullish scenario were to come to fruition?

Recent analysis suggests that the Bitcoin price could potentially surge over 80% if a specific event were to transpire. To better understand what this scenario is, it’s crucial to get a quick overview of how the Bitcoin market operates.

Bitcoin is primarily driven by demand and supply. When demand is greater than the available supply, the price goes up. Conversely, when supply is greater than demand, the price goes down. What’s interesting here is that, while demand is clearly a major factor in price swings, the Bitcoin market is also influenced by external (non-crypto) factors, such as news related to regulations and macroeconomic events.

The scenario that could potentially trigger an 80% surge in the Bitcoin price is an influx of institutional money. There is huge potential for institutional investors to potentially enter the crypto space. This new influx of funds could cause the price of Bitcoin to skyrocket.

The idea of institutional money entering the crypto space is far from a pipe-dream. We have already seen many banks and financial institutions incorporating some form of crypto into their offerings. From JP Morgan launching its own cryptocurrency to Goldman Sachs hinting at offering a wide range of crypto-related services, the markets are rife with speculation that institutional-grade money is on its way.

If this scenario were to come to fruition, it would likely have a major positive effect on the Bitcoin price. The influx of funds could be a major catalyst for a huge rally, potentially causing the price to surge over 80%.

Of course, this scenario is far from certain. It’s possible that institutional investors may not enter crypto in a big way, or that demand may not be sufficient to trigger a major rally in the Bitcoin price. However, the potential exists for a major price surge if this scenario plays out, and it’s something that investors should watch closely.

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