Analyst Predicts Huge Pain For Investors Expecting Bitcoin (BTC) Plunge To $10,000 – Here Is His Outlook
Crypto analyst and trader Jason Pizzino says king crypto Bitcoin (BTC) is unlikely to revisit 2022 lows.
In a new video, Pizzino shares with his 281,000 YouTube subscribers that while bitcoin may continue to fall from current levels, it is likely to make a higher low instead of falling below the 2022 low of around $15,500.
“We’re not quite off the $10,000 mark. But as the market moves forward and we may start making a higher low, even though this market could go down, come back and test $18k, $19k, $20k, this could be the higher low we are all waiting for . For this sign of strength. The higher low is a sign of strength.”
Bitcoin is trading at $21,643 at the time of writing.
According to Pizzino, once the flagship crypto-asset breaks the August 2022 high of just over $25,000, hopes that Bitcoin will fall to $10,000 will begin to dissipate.
“Coming back to those points here – ‘Bitcoin will go to $10,000’ – we’re still hearing that. But that will possibly, and likely, eventually fade away as we hit that higher low in the next month or two and the market breaks away.
Once those highs are broken [$25,000], the show is over. Investors still waiting for some sort of $10,000 or $12,000 or $14,000 bitcoin will be in for a lot of pain, maybe even a retest of $15,000.
As more of these signals come in, those opportunities diminish.”
The cryptanalyst says his bullish thesis on Bitcoin will be invalidated if the digital flagship dips below the $18,000 support level.
“I like bitcoin between this $18,000 and $22,000 level. I’m losing hope of retesting $15,000. So I don’t want to get greedy and wait for $15,000. So I will return to the market more in pyramid form…
I’m considering getting in more on the way down. I think these levels are pretty good, between $18,000 and $22,000, because if bitcoin goes below $18,000 the structure changes. We’re falling back below those previous support levels here…that’s about $18,500 and then down to $18,000, there are those earlier lows.
When it begins to fall below these levels, we are left with a different structure. It can surge below that, but we don’t want Bitcoin to re-accumulate or start its price action below those $18,000 levels again. We definitely want it to stay at at least $18,000 and work its way up.”
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