A widely-followed crypto strategist believes Bitcoin (BTC) could experience an upside blowout despite the choppy market conditions.
In a new strategy session, analyst Jason Pizzino tells his 290,000 YouTube subscribers that BTC bears are likely to go into full force once Bitcoin retests near USD 23,500 support.
“Crypto Twitter is going to lose its absolute mind in this gap, so be prepared for that. It’s about a gap of about 9% that needs to be filled from $26,000 to about $23,500.
And the reason for that is because the market hasn’t been moving and there isn’t much volatility. So as soon as there’s a few percent more than what people are used to, it gets crazy.
From then on we will all hear this kind of BS: [calls for] $15,000, $14,000, $12,000, $10,000. You know when we get those pricing and calls, that we’re approaching the end and potentially forming a macro higher low. So my eyes are very firmly on $23,600.”
Pizzino envisions a scenario where Bitcoin witnesses a steep liquidation event that pushes the price down just enough to trap bears before a bullish higher-low setup.
“We may get a quick flush to the 50% at $23,600 because we know that the 50% level has worked very, very well for all sorts of time frames for BTC in 2023 and of course for history.”
A bullish higher-low setup typically signals the trough of a correction and the possible resumption of the uptrend.
At the time of writing, BTC is trading at USD 26,030.
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Generated image: Midjourney