A closely followed crypto strategist believes that people may be underestimating the upside potential of Bitcoin (BTC) for this market cycle.
Analyst Jason Pizzino tells his 93,700 followers on the social media platform X that some traders are already marking the possible approval of a slew of Bitcoin exchange-traded funds (ETFs) as the end of BTC’s year-long rally.
Pizzino argues that even if the crypto markets correct following the approval of BTC ETFs, it doesn’t necessarily mean that the long-term uptrend of BTC is over.
“Many may be vastly overestimating the market impact of the Bitcoin ETF in the short term with calls of $200,000 and upwards.
However, they could be underestimating the potential long-term price appreciation for this cycle.
That is, even if the Bitcoin ETF is a ‘sell-the-news’ event, that is no reason to believe this cycle is over.
It’s only just getting started.”
Pizzino also says that Bitcoin is still in an uptrend with no immediate reversal signals. In the short term, he thinks that BTC can still climb above $50,000, citing Gann support and resistance levels.
“Bitcoin has been up for four months straight and is within 2% of the monthly swing top price level at $48,000 and within 6% of the Gann 50% extension at $50,000.
Many altcoins continue to lose BTC value since December peaks but overall have done very well since the September/October lows.
How much more excitement can these crypto markets take right now? My highest expectation was ~$52,000 (weekly lower swing tops from the all-time high) and the lowest was ~$45,000 (major Gann 50% range resistance). The lowest has been hit and the $48,000 is well within reach.
Do I still expect a correction? Yes, but I am not fighting the trend in the short term. Medium/long-term analysis will be reviewed in due course.”
At time of writing, Bitcoin is trading for $45,931, down nearly 2% in the last 24 hours.
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