A popular crypto analyst says that if Bitcoin (BTC) can reclaim a key support level after dipping below $100,000, the top crypto asset may soon print new all-time highs.
Jason Pizzino tells his 360,000 YouTube subscribers that as long as Bitcoin reclaims a six-figure value at the weekly close, the flagship crypto asset may be on track to exceed $135,000 in the coming weeks.
[adinserter block="1"]Bitcoin crashed Tuesday to the $99,000 range for the first time since June, but has since recovered to above $100,000 at time of publishing.
“The critical point in terms of where Bitcoin goes next is where does the support come in? Higher support on the 50% levels, this one in particular around this $100,000 level, is going to give us a better chance to come up and test the next levels, $108,000, $116,000 and then, of course, the all-time highs.
That would be the best case scenario and then we can get out our best case scenario pathway into the highs [at plus-$135,000]…
And of course, we could know more at the weekly close even if we get big wicks down to these levels [in the $90,000 range]. As long as the close is above the key levels, the 50% and, in many cases, the 50-week moving average, which is roughly around $103,000 by the time the week closes, and, of course, we’ve got the $100,000 on the 50%, then the wick would probably just be more liquidations and this close is really where things get a little more serious and interesting for the bulls.”
Bitcoin is trading for $103,822 at time of writing, up 2.1% on the day.
The analyst also warns his 137,100 followers on X that Ethereum (ETH) may print a dead cat bounce price pattern, a term used in finance to describe a small, brief recovery in the price of a declining asset.
“Ethereum is at several key turning points: it’s at 50% in price, 50% in time with increased volume, high volatility and at a 12-month anniversary.
Any rally less than $4,100 is a dead cat. It’s do or die for ETH in my opinion.”
ETH is trading at $3,424 at time of writing, up 1.2% in the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
