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Bitcoin (BTC) Hitting New All-Time High Next Bull Cycle Not Guaranteed, Says Top Analyst

by Daily Hodl Staff
December 29, 2022
in Bitcoin

Popular crypto analyst and trader Jason Pizzino is warning that Bitcoin (BTC) is not guaranteed to hit a new record high like it did in previous bull cycles.

In a new video, Pizzino tells his 279,000 YouTube subscribers that for Bitcoin to hit a new all-time high during the next bullish phase, the flagship crypto asset needs to reach a key Fibonacci retracement level as well as rise above certain resistance levels.

The crypto analyst and trader, however, says that “for now” it is impossible to predict a new record high for Bitcoin.

“Can Bitcoin hit a new all-time high in the next bull market cycle? So, looking specifically at Bitcoin and Bitcoin only, not at ETH [Ethereum], not other cryptocurrencies, we need to see Bitcoin get back above $34,500.

Why? Well, that’s the 50% [Fibonacci] level from the all-time high to the all-time low. And for Bitcoin, the all-time low is basically zero. So $34,500 needs to be overcome.

Bitcoin also needs to take out its monthly swing tops to show that buyers are coming back into the market. That is going to be a major confirmation point for the macro players…

Once that occurs then there’s a pretty strong case of Bitcoin hitting that new all-time high.

For now, we can’t say that it will hit a new all-time high. What’s happened in the past is it’s always hit a new all-time high.”

According to Pizzino, Bitcoin could peak at $45,000 during the next cycle in the “worst case scenario” if the flagship crypto asset bottoms out at around $15,000.

“If we’re looking for a worst-case scenario here, potentially a 200% increase from wherever that low might form, should the lows be $15,000, could get us to around $45,000, in line with some of these other previous tops.”

Bitcoin is trading at $16,676 at time of writing.

I

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