Don’t Count on Bitcoin (BTC) Crashing to $10,000, Says Crypto Analyst Jason Pizzino – Here’s Why
A popular crypto strategist and trader says that Bitcoin’s (BTC) price is unlikely to fall all the way down to $10,000.
In a new strategy session, analyst Jason Pizzino tells his 279,000 YouTube subscribers that Bitcoin bulls are likely to defend a high timeframe support level and keep it from falling towards $10,000.
“There’s a pretty reasonable chance that we won’t see the $10,000 that I’ve been talking about for a while in the futures market. You’ve got a nice number here at $14,900 in the spot market for the low cycle so far. It’s about $15,500 depending of which exchange you are on.”
He says that if price trends upward, Bitcoin could quickly erase the losses incurred since the FTX collapse.
“If we get above around $18,500 or $18,600, that will be a very strong sign that this was just a shakeout, a big wash, and we will over the weeks, over the course of November, maybe try to recover some more of these losses and move back towards $20,000. That doesn’t mean we can’t close above the $18,500, come back down, put in a higher low over the weeks, this will take time. If so, that’s a strong sign that we will probably come back up and test some higher prices.”
But he also says that if Bitcoin’s price weakens and begins to regularly close below $17,500, the price could drop to a lower support level.
“Should we continue down during November, yes then we got the prices as far down as around $13,500, which matches relatively well with the previous old cycle tops in the period in 2019.”
At the time of writing, Bitcoin is exchanging hands for $16,858, down 1.78% on the day.
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