Here’s the worst-case scenario for Bitcoin (BTC) in the near term, according to popular crypto analyst
A widely followed cryptoanalyst and trader predicts Bitcoin’s (BTC) potential path forward in the near term.
Analyst Jason Pizzino tells his 282,000 YouTube subscribers that while he is bullish on Bitcoin in the long term, the flagship crypto-asset could drop around 15% from today’s levels to below $19,000 in the short term.
“A little longer term than the hourly chart, on the daily chart, we have $21,500, we have $20,500 [support levels] and likely worst case around the mid-$18,000s. So to me these are pretty good buying opportunities under $22,000…
In general, for the macrostructure, nothing has changed here. Still bullish long-term macro. Yes, in the short term it may be bearish, but that is what is happening through a macro picture.”
Bitcoin is trading at $22,115 at the time of writing.
According to Pizzino, prices below $22,000 represent an accumulation opportunity for Bitcoin.
“Below $22,000 as I’ve been saying for a while now, between that $18,000 and $22,000 is probably one of our best buying opportunities if we can get as low as this region here [$18,000 – $22,000].
It may only get halfway to around $20,500. So keep that in mind if you want to dollar cost average Bitcoin over the longer term.
The crypto analyst goes on to say that his long-term bullish thesis for Bitcoin will be invalidated if the flagship digital asset dips below $18,500.
“At the moment we are in one of those short-term bearish corrections. Hopefully it goes as low as possible and maintains the bullish structure which, from my analysis, is around $18,500.”
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