An experienced crypto strategist and trader has shared his price predictions for Bitcoin (BTC) and two other altcoin projects.
During a recent strategy session, analyst Jason Pizzino, who has a following of 329,000 subscribers on YouTube, discussed how Bitcoin could potentially surpass key resistance levels based on the average true range (ATR) indicator.
The ATR indicator is used to measure volatility by indicating an asset’s trading range over a specific period of time.
“By analyzing the average true range of the bar, we can see a pattern of volatility decreasing over time. In previous cycles, we observed the average true range increase, followed by a decline, leading to the formation of higher lows. This trend indicates a significant distance from the stealth zone.”
According to Pizzino, Bitcoin has historically experienced upward movements when the ATR indicator reaches a local low and the price consolidates or forms higher lows.
The analyst’s price targets for Bitcoin include $63,300 on the daily chart, $65,200 on the weekly chart, and $72,000 on the monthly chart.
At the time of writing, Bitcoin is trading at $60,176, showing a decrease of almost 3% in the last 24 hours.
In addition, Pizzino anticipates that Solana (SOL), a competitor to Ethereum (ETH), will approach its current cycle’s peak.
“With the formation of higher lows and an attempt to surpass the 50% mark at $137, the next target on the weekly chart is $165. Subsequently, we aim for $190 and $210. $190 represents a level above the previous highs, while $210 is the current peak for Solana. The journey seems promising, but confirmation from longer-term time frames, specifically the weeklies, is still pending.”
Currently, Solana is trading at $141, displaying a decline of over 8% in the last 24 hours.
Lastly, Pizzino predicts that Render (RNDR), a blockchain specializing in graphics processing unit (GPU) rendering, will regain a double-digit valuation.
“To reach that milestone, we need to observe the formation of higher lows over the next few months, possibly extending up to four months, coinciding with the upcoming US presidential election. If the market exhibits a breakout during this period while maintaining a pattern of higher lows, it will signal a favorable entry point.”
At present, Render is trading at $7.04, showing a decrease of 7.7% in the last 24 hours.
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Generated Image: Midjourney