Crypto analyst and trader Jason Pizzino says that king crypto Bitcoin (BTC) is unlikely to revisit the 2022 lows.
In a new video, Pizzino tells his 281,000 YouTube subscribers that while Bitcoin could drop further from current levels, it is likely to form a higher low rather than go below the 2022 low of around $15,500.
“We’re not completely away from the $10,000. But as the market progresses and we potentially start to form a higher low, even though this market could fall, come back and test $18,000, $19,000, $20,000 that could be the higher low that we’re all waiting for. For that sign of strength. The higher low is a sign of strength.”
Bitcoin is trading for $21,643 at time of writing.
According to Pizzino, hopes of Bitcoin falling to $10,000 will gradually disappear once the flagship crypto asset breaks above the August 2022 high of slightly over $25,000.
“Going back to these points here – ‘Bitcoin will go to $10,000’ – we’re still hearing that. But that will possibly and probably eventually fade if over the next month or two we do get this higher low and the market breaks away.
Once these highs are broken [$25,000], the show’s over. There is going to be a lot of pain to investors who are still waiting for any sort of $10,000 or $12,000 or $14,000 Bitcoin, maybe even a retest of $15,000.
Those possibilities begin to fade a hell of a lot as we start to see some more of these signals come in.”
The crypto analyst says his bullish thesis for Bitcoin will be invalidated if the flagship digital asset drops below the $18,000 support level.
“I like Bitcoin between this level of $18,000 and $22,000. I am losing hope for the retest of $15,000. Therefore, I don’t want to get greedy and wait for $15,000. So I will ladder back into the market in more of a pyramid fashion…
I’m looking at dropping more in on the way down. I think these levels are pretty good, between the sort of $18,000 and $22,000 because if Bitcoin drops underneath $18,000 then the structure changes. We’re dropping back below these previous support levels here … that’s around $18,500 and then down to $18,000, there are those previous bottoms.
If it starts to drop underneath these levels, then we are left with a different structure. It can spike under there, but we don’t want to see Bitcoin re-accumulate or start its price action back under these levels of $18,000. We definitely want to see it hold at least at $18,000 and start to work its way higher.”
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