According to analyst Jason Pizzino, here is a short-term price target for Bitcoin before a correction

A widely followed crypto analyst points to a higher short-term price target for Bitcoin (BTC) 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 rise to around $81,000 before a sudden correction.

He bases his prediction on the fact that in the last cycle, Bitcoin rose from a cycle low of around $3,000 to a high of around $69,000, a rally from $66,000. A $66,000 rebound from the current cycle low would take Bitcoin to around $81,000.

“Should we move beyond this? [$72,000] At the level, I have more of a macro goal here that could take weeks to months to achieve since it took years to achieve. The years to be formed are the low from the previous cycle to the peak of the previous cycle. So from this current cycle low of $15,000, $3,000 to $69,000 is forecast.

If the market were to reach $81,300, it would be a 100% repeat of the entire price cycle from the last cycle. So the total increase from $3,000 to $69,000 is forecast to be $15,000. So I have a nice little price target here of about $81,300.”

The trader also outlines three possible retracement levels where he believes Bitcoin could enter a period of re-accumulation before a recovery occurs.

“Now I’ve made it up [$81,000]…let's take a look at some percentages. 20% would take us back to about $65,000, which would be the previous highs, 30% would take us back to about $57,000 and a 40% correction would take us back to about $48,000.

And from this point on, it's pretty easy to see that any of these corrections, even if they're extremely severe, 20%, 30%, or 40%, gives the feeling that the world has ended. Remember, a few days ago we had a 15% correction, going from $67,000 to $57,000, I believe. It felt like things were going completely crazy.

Imagine a 40% drop from $81,000. It would still be a healthy correction as it is above previous highs here. This is what you want to see in the market. You want it to last even if sharp corrections are seen. It's basically like a pressure test of the system. Can it withstand outsized bullish moves? Can it withstand outsized downside moves? If yes, check this box. The market can rally again and then pump higher.”

Bitcoin is trading at $70,770 at the time of writing, down 2% in the last 24 hours.

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