Bitcoin (BTC) not guaranteed to hit new all-time high in next bull cycle, says top analyst
Popular crypto analyst and trader Jason Pizzino warns that Bitcoin (BTC) is not guaranteed to hit a new all-time high like it has seen in previous bull cycles.
In a new video, Pizzino shares with his 279,000 YouTube subscribers that for Bitcoin to make a new all-time high during the next upleg, the flagship crypto asset must hit a key Fibonacci retracement level and scale above certain resistance levels.
However, the crypto analyst and trader says predicting a new record high for Bitcoin is “for now” impossible.
“Can bitcoin hit a new all-time high in the next bull market cycle? So let’s specifically only look at bitcoin and bitcoin, not ETH [Ethereum]not other cryptocurrencies, we need to see Bitcoin rally back above $34,500.
Why? Well that’s the 50% [Fibonacci] level from all-time high to all-time low. And for Bitcoin, the all-time low is basically zero. So $34,500 must be overcome.
Bitcoin also needs to take out its monthly swing tops to show buyers are coming back into the market. This will be a key confirmation point for the macro players…
Once that happens, there is a pretty strong case for Bitcoin to hit that new all-time high.
At the moment we cannot say that it will set a new all-time high. What has happened in the past is that it has always hit a new all-time high.”
According to Pizzino, Bitcoin could top out at $45,000 in the next cycle in the “worst case scenario” if the flagship crypto asset bottoms around $15,000.
“If we’re looking for a worst-case scenario here, a potential 200% surge from wherever that low might form if the low is $15,000 could take us to about $45,000, which puts some of those other earlier ones highs.”
Bitcoin is trading at $16,676 at the time of writing.
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