A closely watched crypto strategist believes people may be underestimating Bitcoin’s (BTC) upside potential for this market cycle.
Analyst Jason Pizzino tells his 93,700 followers on social media platform
Pizzino argues that even if the crypto markets correct after the adoption of BTC ETFs, it does not necessarily mean that BTC’s long-term uptrend is over.
“Many may vastly overestimate the short-term market impact of the Bitcoin ETF, with calls of $200,000 and more.
However, they could be underestimating the potential long-term price appreciation for this cycle.
That is, even if the Bitcoin ETF is a sell-the-news event, that’s no reason to believe this cycle is over.
It’s just beginning.”
Pizzino also says that Bitcoin is still in an uptrend with no immediate reversal signals. In the short term, he thinks BTC can still rise above $50,000, citing Gann’s support and resistance levels.
“Bitcoin has been on the rise for four months in a row and is within 2% of the monthly swing top price level of $48,000 and within 6% of the Gann-50% extension of $50,000.
Many altcoins continue to lose BTC value since the December highs, but overall they have done very well since the September/October lows.
How much more excitement can these crypto markets handle right now? My high expectation was ~$52,000 (weekly lower swing tops from all-time high) and low was ~$45,000 (major Gann 50% range resistance). The lowest has been reached and $48,000 is well within reach.
Do I expect another correction? Yes, but I’m not fighting the short-term trend. The medium/long term analysis will be reviewed in due course.”
At the time of writing, Bitcoin is trading at $45,931, down almost 2% in the past 24 hours.
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