A Crypto Strategist Believes Bitcoin’s Rally Isn’t Over
A popular crypto strategist, Jason Pizzino, suggests that the potential approval of Bitcoin exchange-traded funds (ETFs) shouldn’t be seen as the end of Bitcoin’s current rally. While some traders believe that ETF approvals could lead to a correction in the market, Pizzino argues that this doesn’t necessarily mean the long-term upward trend of BTC is over. He believes that people may be underestimating the potential for price appreciation in this cycle. Pizzino also notes that Bitcoin is still in an uptrend and sees no immediate reversal signals. He predicts that BTC could climb above $50,000 in the short term based on Gann support and resistance levels.
Bitcoin’s Current Price and Outlook
At the time of writing, Bitcoin is trading at $45,931, experiencing a 2% decline in the last 24 hours. Pizzino acknowledges the possibility of a correction but advises not to fight the trend in the short term. He plans to review medium to long-term analysis later.
Hot Take: The Potential Upside of Bitcoin’s Rally
While some traders are concerned about a possible market correction following the approval of Bitcoin ETFs, crypto strategist Jason Pizzino believes that this doesn’t signal the end of BTC’s rally. He argues that people may be underestimating Bitcoin’s long-term price appreciation potential for this market cycle. Pizzino points out that even if ETF approval turns out to be a “sell-the-news” event, it doesn’t mean that this cycle is over. He also highlights that Bitcoin is still in an uptrend with no immediate signs of reversal. Based on Gann support and resistance levels, he predicts that BTC could surpass $50,000 in the short term.
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