Cryptocurrency analyst and trader Jason Pizzino is optimistic that Bitcoin (BTC), the largest cryptocurrency by market cap, could reach a seven-digit price over time. Here are the analyst’s comments…
Analyst has his eye on the biggest cryptocurrency
In a new video update, Pizzino said it’s “not far off” for Bitcoin to increase nearly 25 times and reach $1,000,000. says. A 25-fold increase may seem remote, but the rise seen from December 2018 to the current peak in 2021 was 22-fold, according to the analyst. As we reported as Kriptokoin.com, the current highest level was seen on November 10, 2021. The record level was $69,044. The analyst uses the following statements:
25x might seem like a far off chance. But as we can see from December 2018 to the current peak in 2021, it was basically a 22x return. So there is a rate of 2.100 percent here. So it’s not that it’s impossible. But I think it will take a lot more time than people expect.
What does it take to get 25x?
Analyst and trader says that for Bitcoin to reach a price of $ 1,000,000, it must overcome difficulties such as ending BTC’s correlation with stocks. According to Pizzino, Bitcoin is highly correlated with the Nasdaq stock index. Apart from leaving equities, Pizzino says Bitcoin needs to trade like gold, whose price is near all-time highs amid an inflation spike that central banks are currently fighting.
Ounce gold is trading at $60 below the record high of over $2,000. According to the analyst, BTC needs to leave the tech sector and align with gold in order to become a reserve asset. BTC is very correlated to the Nasdaq along with Ethereum and other cryptocurrencies. However, according to the analyst, it should move further towards the bottom. He thinks that this lack of movement is due to the moves of the US Federal Reserve (FED).
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