Bitcoin is holding up and may rise to $32,000 to $42,000

Even in times of economic uncertainty, according to Jason Pizzino, a well-known crypto trader and YouTuber with over 284,000 subscribers, Bitcoin continues to hold its own as the largest cryptocurrency in the world. In his most recent video update, he explains why he thinks Bitcoin could soon reach a price range of $32,000 to $42,000.

Pizzino warns investors not to wait for lower prices

Bitcoin has been trading above $25,000 for almost two months, despite the bad news in the market. According to Pizzino will not even allow the collapse of banks and looming recessions to stop Bitcoin’s price rise. “Equity markets put aside bad news, bad fundamentals, looming recessions, sticky interest rates, collapsing banks, and set new price highs for the year,” he added.

Pizzino warns that investors waiting for a lower price to enter are likely to be disappointed. He explains that the bearish signals seen earlier this year have not led to a significant drop in Bitcoin price. This means that Bitcoin could soon enter the $32,000 to $42,000 price range.

“If people are waiting for these lower prices, what the market is telling us is that it’s not going down right now, especially after the double top breakout. When you have a very big macro bearish signal that fails at 50%, which happened here at $19,500, fails on huge bearish news, which was the collapse of Silicon Valley bank, and then Credit Suisse, and then Deutsche Bank, and then every other bank who followed. If that bearish signal fails, and it breaks up there, meaning it failed, it’s probably a signal up, and a macro signal up,” Pizzino explained.

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The safe haven in times of economic uncertainty

When we talk about Bitcoin, we should not forget the importance of its potential as a safe haven during economic uncertainty. Traditional asset classes, such as stocks and bonds, have been highly volatile in recent years and increasingly unattractive to investors due to low interest rates. But in times of financial crises such as the euro crisis and the COVID-19 pandemic, Bitcoin has proven itself as a reliable haven and performed strongly.

This is supported by the fact that Bitcoin, unlike traditional markets, has no direct correlation to the economy and financial markets. This allows Bitcoin to be viewed as an alternative investment that is less dependent on the performance of traditional financial markets and less sensitive to economic uncertainty.

At the time of writing, Bitcoin is trading at $28,863, representing a 1.6% drop in the last 24 hours. But according to Pizzino, the bad news will not stop Bitcoin from rising to $32,000 to $42,000.

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