The cryptocurrency space was all eyeing a more bull market as yesterday, 21st April the crypto market was all green with Bitcoin reclaiming $42,000. However, this bullish phase didn’t last for long as the flagship currency tumbled back to the $40,000 level dragging all other cryptocurrencies on a bearish cycle.
At the time of reporting BTC’s price is trading at $40,674 with a decrease of 2.29% over the last 24hrs.
Analyst Take A Bullish Stance
A crypto trader and analyst, Jason Pizzino is very much optimistic about Bitcoin’s price movement.
In a new video, the crypto trader Jason Pizzino informs his 263,000 Youtube subscribers that the day is not too far for Bitcoin to see a rally of 25 times more and hit a price of $1,000,000. In the video, he quotes as
“A 25x might seem like it’s a little far-fetched. But as we can see from December 2018 to the current top in 2021 in November, it’s basically been a 22x return. So 2,100% here. So it’s not too far out of the question. But I just think it’s going to take a lot more time than people are expecting.”
The analyst Pizzino is of the opinion that if Bitcoin had to reach a $1,000,000 price level, then the world’s largest cryptocurrency by market cap is required to overcome challenges such as cutting off its ties with equities. According to Jason Pizzino, Bitcoin’s correlation with the Nasdaq stock index is a bit on the higher side.
Moving further the crypto strategist says that other than decoupling from equities, Bitcoin should trade more like gold, and gold’s price is now near the all-time highs in the midst of the increased inflation that central banks are now fighting. He claims that
“It’s very correlated to the Nasdaq along with Ethereum and other cryptocurrencies. And it needs to move more towards gold. And that is of gold’s market movements while the Fed tightens interest rates and the rest of the stock market starts to decline.”