Top Crypto Analyst Updates Outlook on Bitcoin (BTC), Solana (SOL) and Cardano (ADA) – Here Are His Goals
Widely followed analyst and trader Jason Pizzino charts the way forward for three major cryptoassets.
Starting with Bitcoin (BTC), Pizzino tells his 282,000 YouTube subscribers in a new video that the flagship crypto asset is unlikely to return to November 2022 lows.
“We can be macro bullish as we look at the market continuing to go up, but there are going to be pullbacks. There just has to be pullbacks.
And the most important thing here that I have tried to get across is, where does this low point come in? At the moment, from what we see with the indicators, it looks like we can expect a higher low…
If the market falls anywhere above this previous level of between $15,000 and $18,000, if it dips in the zone and then moves away, then the bears were completely wrong because the market did not break down. It’s essentially a higher low.”
Pizzino, who believes Bitcoin is likely to resume its uptrend once it hits a higher low, says his bullish thesis will be invalidated if and when the $15,000 BTC support level crumbles.
At the time of writing, Bitcoin is trading at $20,458.
As for Solana (SOL), the popular analyst says the Ethereum (ETH) competitor showed “weakness” after failing to even come close to the August 2022 peak of just under $50.
“It is [Solana] been a very short one lately. It did not come close to the August peak. So that was a very clear sign of weakness for a long-term position.”
Looking at the analyst’s chart, he seems to think Solana is likely headed for support around $12.50. At the time of writing, SOL is worth $18.53.
As for Cardano (ADA), Pizzino says the seventh-largest crypto asset by market capitalization looks “weak” just like Solana after failing to form a higher high relative to its August 2022 peak.
“The likes of Cardano didn’t make it. The August highs are way off them at $0.60 here. [ADA] only managed to reach $0.40, currently at $0.30.
It posted new lows in January as other markets such as Bitcoin and ETH posted higher lows. It is the difference between a weak long-term position and a strong long-term position.”
At the time of writing, ADA is trading at $0.32.
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