A widely followed crypto analyst and trader is predicting Bitcoin’s (BTC) potential path forward over the near term.
Analyst Jason Pizzino tells his 282,000 YouTube subscribers that while he is bullish on Bitcoin over the long term, the flagship crypto asset could fall by around 15% from current levels to below $19,000 in the short term.
“On a little longer term than the hourly chart, on the daily chart, we have $21,500, we have $20,500 [support levels] and probably worst case scenario around the mid-$18,000. So these to me are pretty good buying opportunities under $22,000…
Overall for the macrostructure nothing has changed here. Still long-term macro bullish. Yes, the short term could be bearish but that’s what happens throughout a macro picture.”
Bitcoin is trading at $22,115 at time of writing.
According to Pizzino, prices under $22,000 present an accumulation opportunity for Bitcoin.
“Under $22,000 like I’ve been saying for a while now, between that $18,000 and $22,000 is probably one of our best buying opportunities If we’re able to get as low as this region here [$18,000 – $22,000].
It may only get to our halfway point at around $20,500. So keep that in mind if you’re looking to dollar-cost-average into Bitcoin longer term.”
The crypto analyst further says that his bullish thesis for Bitcoin over the long term will be invalidated if the flagship digital asset plunges below $18,500.
“At the moment, we’re in one of those shorter-term bearish corrections. Hopefully, it goes as low as possible and maintains the bullish structure which, from my analysis, is around that $18,500.”
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