Analyst Predicts Big Pain for Investors Expecting Bitcoin (BTC) to Crash to $10,000 – Here’s His Outlook
Crypto analyst and trader Jason Pizzino says crypto king Bitcoin (BTC) is unlikely to return to 2022 lows.
In a new video, Pizzino tells his 281,000 YouTube subscribers that while Bitcoin may fall further from today’s levels, it will likely form a higher low rather than go below the 2022 low of around $15,500.
“We’re not far from $10,000. But as the market develops and we potentially start to form a higher low, although this market could fall, come back and test $18,000, $19,000, $20,000 which could be the higher low we’re all waiting for. For that sign of strength. The higher the bass is a sign of strength.”
Bitcoin is trading at $21,643 at the time of writing.
According to Pizzino, hopes of Bitcoin falling to $10,000 will gradually disappear once the flagship crypto-asset breaks above the August 2022 high of just over $25,000.
“Going back to these points here – ‘Bitcoin will go to $10,000’ – we still hear that. But it will possibly and probably eventually go away if in the next month or two we get this higher low and the market breaks away.”
When these heights are broken [$25,000], the show is over. There is going to be a lot of pain for investors who are still waiting for some kind of $10,000 or $12,000 or $14,000 Bitcoin, maybe even a retest of $15,000.
Those possibilities are starting to disappear as we start to see more of these signals coming in.”
The crypto analyst says his bullish thesis for Bitcoin will be invalidated if the flagship digital asset falls below the $18,000 support level.
“I like Bitcoin between this level of $18,000 and $22,000. I am losing hope for the retest of $15,000. Therefore, I will not get greedy and wait for $15,000. So I will rise back to the market in a more pyramidal way…
I’m looking to drop in more on the way down. I think these levels are quite good, between $18,000 and $22,000, because if Bitcoin falls below $18,000, the structure changes. We’re dropping back below these previous support levels here…that’s around $18,500 and then down to $18,000, those are the previous lows.
If it starts to fall below these levels, we are left with a different structure. It could rise below there, but we don’t want to see Bitcoin re-accumulate or start price action back below those $18,000 levels. We definitely want to see it hold at least $18,000 and start working higher.”
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