A Crypto Analyst Predicts a Higher Price Target for Bitcoin Before Correction
A well-known crypto analyst, Jason Pizzino, has shared his short-term price target for Bitcoin (BTC) and suggests that the cryptocurrency could rally to around $81,000 before experiencing a correction. Pizzino bases his prediction on the previous price cycle of Bitcoin, where it went from a low of $3,000 to a high of $69,000, resulting in a rally of $66,000. He believes that if the current cycle follows a similar pattern, Bitcoin could reach $81,000. Additionally, Pizzino outlines three possible retracement levels where Bitcoin could enter a re-accumulation period before continuing its upward trend.
Predicting a Potential Rally to $81,000
Jason Pizzino predicts that Bitcoin’s price could reach $81,000 before experiencing a correction based on the previous price cycle. Here are the key points:
- Last cycle: Bitcoin climbed from $3,000 to $69,000.
- Rally: The rally from the last cycle was approximately $66,000.
- Projection: A similar rally from the current cycle low could put Bitcoin at around $81,000.
Pizzino emphasizes that this target may take weeks or even months to reach due to the time it took for the previous cycle to form. However, he believes that reaching this level would represent a 100% repeat of the entire price cycle from $3,000 to $69,000 projected from the current cycle low at $15,000. Therefore, he sets a price target of approximately $81,300.
Possible Retracement Levels and Re-Accumulation Periods
Pizzino also highlights three possible retracement levels where Bitcoin could enter a re-accumulation period before continuing its upward trend:
- 20% retracement: This would take Bitcoin back to around $65,000, which corresponds to previous tops.
- 30% retracement: This would result in a price correction to approximately $57,000.
- 40% retracement: A larger correction that brings Bitcoin down to about $48,000.
Pizzino acknowledges that these corrections may seem violent and cause panic in the market. However, he emphasizes that they are healthy for the overall market as they test the system’s ability to withstand both large upward and downward moves. He suggests that even a 40% correction from $81,000 would still be considered a healthy correction as long as it remains above previous tops.
Current Price and Conclusion
At the time of writing, Bitcoin is trading at $70,770, experiencing a 2% decrease in the last 24 hours. It is important to note that cryptocurrency prices are highly volatile and subject to change.
Hot Take: Potential Upside and Downside for Bitcoin
Jason Pizzino provides insights into Bitcoin’s potential short-term price target and retracement levels. Here are the key takeaways:
- Pizzino predicts that Bitcoin could rally to around $81,000 before experiencing a correction based on the previous price cycle.
- He outlines three possible retracement levels of 20%, 30%, and 40%, where Bitcoin could enter a re-accumulation period.
- Pizzino emphasizes that these corrections, although violent, are necessary for a healthy market and test the system’s resilience.
- Bitcoin’s current price is $70,770, and it is important to consider the volatility of cryptocurrency prices.
While Pizzino’s analysis provides valuable insights, it is essential to conduct personal research and consider multiple perspectives before making any investment decisions.
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