Top analyst warns that extreme Bitcoin and Ethereum bears are about to be completely crushed
Popular analyst and trader Jason Pizzino examines the likelihood that the crypto market has already bottomed out.
Starting with Bitcoin (BTC), Pizzino tells his 278,000 YouTube subscribers in a new video that the flagship crypto-asset is unlikely to fall to $10,000 if it pushes above the highs last reached in August.
“If we get a little higher to this next swing top at $23,000, and of course my Wyckoff flip at $23,200, and then the monthly swing top at $25,200 (so that’s going to be the big one the bears are going to have to see). .. they are broke, $10,000 you can safely say is completely off, forget it….
This is not looking too good for these $10,000 Bitcoin bears.”
Bitcoin is trading at $20,553 at the time of writing.
As for Ethereum (ETH), Pizzino says the second largest crypto asset by market capitalization is showing “a lot more strength” and is unlikely to fall below $500.
“For ETH, definitely showing a lot more strength… tthe consolidation was above the previous zone. ETH is being pumped away, it’s around $1500, it’s over 50% [Fibonacci ratios] zone. So I think if we’re waiting for a $300, $400, $500 ETH, then forget about those things right now.”
Ethereum is trading at $1,544 at the time of writing.
Ethereum breaking above the bear market trend line will provide more evidence that the bottom is in for Bitcoin and other crypto assets, according to Pizzino.
“Once that [Ethereum’s bear market trend line] is broken, there is another checkmark to this bottom in crypto and Bitcoin that is in. And then we just have to wait for that accumulation period.
Depending on how long it takes, maybe it’s a faster one this time, maybe it’s a little shorter… but regardless, this still looks like the extreme bears are about to get completely crushed.”
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