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.
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.
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