A widely followed crypto analyst is pointing to a higher price target for Bitcoin (BTC) in the short term before correcting after hitting $72,000.
In a new video update, crypto strategist Jason Pizzino tells his 316,000 YouTube subscribers that based on the last cycle Bitcoin could rally to around $81,000 before a sudden correction.
He bases his prediction on the fact that last cycle Bitcoin climbed from a cycle low of about $3,000 to a high of about $69,000, a $66,000 rally. A $66,000 rally from the current cycle low would put Bitcoin at about $81,000.
“Should we get above that [$72,000] level, I got a more of a macro target here which could take weeks to months to reach because it’s taken years to form. Years to form is the low from the previous cycle to the top of the previous cycle. So $3,000 to $69,000 projected from this current cycle low at $15,000.
The market to get to $81,300, that would be a 100% repeat of the entire price cycle of the last cycle. So the entire move from $3,000 to $69,000 projected from $15,000. So I’ve got a nice little price target here roughly around $81,300.”
The trader also outlines three possible retracement levels, where he believes Bitcoin could enter a re-accumulation period before rallying.
“Now I’ve come up with [$81,000]… let’s have a look at some percentages. 20% would take us back to about $65,000 which would be those previous tops, 30% would take us back to about $57,000 and a 40% correction would take us back to about $48,000.
And so from that point, it’s pretty easy to see that any of those sort of corrections, even though they’re super violent, 20%,30% 40%, it would feel like the world is over. Remember we just saw a 15% correction a few days ago going from, I believe it was, $67,000 down to $57,000. That felt like things were getting absolutely crazy.
Imagine 40% coming down from $81,000. It would still be a healthy correction as it’s above the previous tops here. That’s what you want to see in the market. You want to see it hold up even though you can see violent corrections. It’s basically like a pressure test on the system. Is it able to withstand supersized moves to the upside? Is it able to withstand supersized moves to the downside? If yes, tick that box. The market can re-accumulate to then pump to the upside.”
Bitcoin is trading for $70,770 at time of writing, down 2% in the last 24 hours.
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