Bitcoin Analyst and trader Jason Pizzino is confident that Bitcoin (BTC) is preparing for a significant upward movement that will lead to new all-time highs. Pizzino, who has a following of 326,000 subscribers on YouTube, believes that the current consolidation phase below the immediate resistance level of around $69,000 is just a temporary pause in the ongoing Bitcoin bull market. He predicts that it won’t be long before BTC breaks out of consolidation and experiences gains of approximately 100% from its current price.

To determine his target price for Bitcoin, Pizzino utilizes the Fibonacci extension tool. He explains that he doesn’t believe the cycle is anywhere near its end and sets his first target at $135,000. He simplifies the calculation by using round numbers and suggests projecting a $65,000 range from the previous move ($3,000 to $68,000) to arrive at the $135,000 target.

At the time of writing, Bitcoin is trading at $66,988, showing a 2.50% increase in the past 24 hours. Pizzino also mentions that there are other price levels that he finds interesting and will be monitoring closely before Bitcoin potentially doubles from its current position. He highlights $100,000 as a significant psychological level that many will be watching, followed by $115,000 and $120,000. However, he expresses particular interest in the price range of $130,000 to $150,000 and emphasizes the importance of observing Bitcoin’s behavior during that time, especially in relation to any possible rallies and corrections.

Pizzino suggests that this range will be a crucial point for projecting price targets for the end of the cycle. He concludes by reminding readers that the opinions expressed in The Daily Hodl are not investment advice and urges investors to conduct thorough research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. He also emphasizes that any transfers and trades are done at one’s own risk and that losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.