Here’s a realistic Bitcoin (BTC) bottom forecast, according to Crypto Trader Jason Pizzino
A popular analyst and trader is predicting a final capitulation phase for Bitcoin (BTC) before the king crypt can realistically bottom out.
In a new video, crypto strategist Jason Pizzino tells his 275,000 YouTube subscribers that Bitcoin has failed to follow a classic bottoming pattern and now appears to be printing a new bear market low.
“When you get a signal like this – double bottom, any particular signal that fails – you can see the breakdown here, when this goes below that bottom level ($18,600), it’s a failure of a double bottom. That usually means you’re going to see lower prices, significantly lower prices than this current low ($18,600).”
Although the cryptoanalyst predicts another leg down for Bitcoin, he believes that the correction will not be as drastic as what BTC witnessed from January to June this year.
He also provides a range where Bitcoin can realistically bottom out.
“We always watch very, very, very closely what the market sentiment does, and the market sentiment is horrible. So the drop in price might not be that much. Maybe it goes to $13,000, $14,000, $15,000, $16,000, but in terms of sentiment, it will be extreme. People will feel really, really bad about the downturn.
But when you look at it in terms of dollar value, we’ve seen far bigger dollar moves on the way down. I do not expect this (November 2021 to January 2022) or this to play out (March 2022 to June 2022).”
At the time of writing, Bitcoin is changing hands at $18,929, down 3.51% on the day.
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