### Crypto Analyst Predicts Bitcoin May Hit $122,000 in Current Market Cycle

Renowned crypto analyst Jason Pizzino has provided his latest insights on Bitcoin's potential peak in its current market cycle, forecasting a substantial price increase. In a recent video, Pizzino, who has a significant following of 338,000 YouTube subscribers, suggested that Bitcoin could see a 33% gain from its current value, potentially reaching the six-figure mark.

Pizzino identified several price extension levels using swing lows on a monthly timeframe to form his forecast. He pinpointed $122,000 as a key target, supported by multiple technical indicators. Detailing his analysis, Pizzino referred to two crucial swings: "I'm using the first swing and the second swing... Let's start with the second swing. Projected off the swing low you can see we sliced through 50% [at $73,578] and coming towards the 100% [at $98,045] but the 150% is at $122,000."

He further explained that the initial swing, beginning from the November 2022 lows, had already reached several milestones, providing a basis for his confidence in the $122,000 target. Combining these swings, Pizzino identified a price cluster converging at $122,000, suggesting a strong likelihood that Bitcoin will hit this level.

While recognizing the significant milestones ahead, Pizzino emphasized the importance of Bitcoin breaking through the $90,000s and subsequently the $100,000s. He also posited that Bitcoin's rally could accelerate based on historical patterns, potentially hitting the six-figure mark sooner rather than later. According to his calculations, if the market accelerates, Bitcoin might achieve his target by January.

As of the time of analysis, Bitcoin was trading at $91,277, marking a 2% increase in the last 24 hours.