As the Bitcoin (BTC) market hovers just above the critical support level of $30,000, traders anxiously await a decisive breakout. Technical analysis suggests that the cryptocurrency’s price action on the daily timeframe may be forming a bullish megaphone pattern.
With the bulls diligently defending the support level on the lower border, a surge in buyer activity could propel the asset higher in the upcoming weeks. Additionally, the altcoin market is gearing up for a potential rally after the SEC vs Ripple case triggered a bullish outlook.
Analyst Predicts Impending Volatility Surge
In a recent YouTube video, influential crypto analyst Jason Pizzino confidently asserted that the Bitcoin market is primed for a substantial volatility breakout in the near future. Notably, Pizzino highlighted that the macro price action for Bitcoin is currently following an upward trend channel, indicating that a bullish breakout is imminent despite the possibility of a short-term correction.
Pizzino further observed that for the cryptocurrency and Bitcoin market to continue rallying, the stock market will need to experience a correction after its recent bullish run over the past few months. Moreover, the analyst emphasized that institutional money has been playing a pivotal role in driving the crypto price action, especially in the wake of the recent Bitcoin ETF frenzy.
From a short-term perspective, Pizzino remains optimistic about Bitcoin’s price trajectory, as increased demand appears to be supporting the cryptocurrency above the crucial $20,000 level. Although there are concerns that BTC demand may dip below 50 percent, the analyst does not foresee the price falling back below $20,000 in the current market conditions.
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