Bitcoin (BTC) Could Witness Upside Move, Says Analyst Jason Pizzino
Cryptocurrency strategist Jason Pizzino believes that despite current market conditions, Bitcoin (BTC) could experience an upward surge. Pizzino predicts that if BTC retests support near $23,500, the bears will come out in full force. He warns that Crypto Twitter will go into a frenzy if this happens, as there is a 9% gap to fill between $26,000 and $23,500. Pizzino explains that the lack of movement and volatility in the market will lead to a major reaction once there is even a slight increase. He notes that when calls for lower prices such as $15,000 or $10,000 start emerging, it may indicate the formation of a macro higher low and the end of the downward trend. Pizzino anticipates a liquidation event that traps bears and sets the stage for a bullish higher-low setup, possibly at the $23,600 level.
Key Points:
- Pizzino predicts a burst to the upside for Bitcoin despite choppy market conditions.
- He warns that BTC bears will likely emerge if the price retests support near $23,500.
- There is a 9% gap to fill between $26,000 and $23,500.
- When calls for lower prices start emerging, it may indicate the formation of a macro higher low.
- Pizzino anticipates a steep liquidation event that traps bears before a bullish higher-low setup.
Hot Take:
Despite the current uncertain market conditions, Jason Pizzino is optimistic about the future of Bitcoin. He believes that a retest of support near $23,500 could trigger a surge in the price, causing panic among BTC bears. Pizzino suggests that this could be a sign of a macro higher low forming, paving the way for a bullish trend. While volatility has been low, a slight increase in movement could lead to significant price swings. Pizzino’s analysis highlights the importance of closely watching the $23,600 level for potential opportunities in the market.
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