Cryptocurrency analyst and trader Jason Pizzino believes Bitcoin (BTC) could go up by around 55% from the current level.
In a new strategy session, Pizzino tells his 355,000 YouTube subscribers that the ratio of USDT stablecoin relative to other crypto assets (USDT dominance) has to fall below a major support level in order for Bitcoin to rally to new all-time highs.
“…My theory is we need to get a breakdown of 3.7% to see any sort of real altcoin season and really seeing Bitcoin pump potentially past that $150,000 to $180,000 range.
I think while it [USDT dominance] remains in this area between 3.7% and call it 4.8%, you’re probably not going to see those extreme numbers.”
USDT dominance is at 4.35% at time of writing.
According to Pizzino, Bitcoin is likely to maintain its bullish prospects if it manages to stay above a price of $110,000.
“I wouldn’t want to see this market consolidate under the $106,000. I think that’s going to look really, really weak long term…. So, worst-case scenario, $99,000 underneath $106,000 is going to be a slow-moving target for the next climb higher. And for the bulls, ideally above $110,000, $111000…
So if August is going to continue being weak, then I’m looking at each of those price targets as a way to measure the strength of the next move. $111,000 to $110,000 – strong. Underneath that, average. Underneath that, weak. Underneath about $99,000… I don’t want to go there yet.”
Bitcoin is trading at $116,300 at time of writing.
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