How Bitcoin (BTC) Could Potentially Surge Higher: Insights from Analyst Jason Pizzino
A Respected Crypto Strategist Envisions Bitcoin (BTC) Surging Upwards Amidst Volatile Market Conditions
During a new strategy session, analyst Jason Pizzino informed his 290,000 subscribers on YouTube that if Bitcoin retested support near $23,500, it could trigger a bearish trend in the cryptocurrency market. Pizzino suggests that if the price falls to around $23,500, there may be a strong reaction from Crypto Twitter, as there is a 9% gap between $26,000 and $23,500 that needs to be filled. This could lead to a volatile market environment, as any significant change in the price of Bitcoin could cause chaos.
Furthermore, analysts are predicting that if the price of Bitcoin drops to around $15,000, $14,000, $12,000, or $10,000, there could be calls for even lower prices. This would indicate that the market is nearing an end and that a macro higher low may form. Pizzino is closely monitoring the price at $23,600, and predicts that Bitcoin could witness a steep liquidation event that pushes the price down just enough to trap bears before forming a bullish higher-low setup. He speculates that there may be a quick flush out to the 50% level at $23,600, as this level has proven to be a reliable support level for BTC both in 2023 and throughout history.
In summary, the cryptocurrency market is currently experiencing little movement and volatility, but analysts are predicting that this could soon change. Investors and traders should be prepared for a potential drop in Bitcoin's price, which could lead to a bearish trend in the market. However, there is also the possibility of a higher-low setup forming, which could be a positive indicator for the cryptocurrency market's long-term growth. As always, it is important to keep a close eye on the market and to make informed decisions based on current trends and analysis.
A bullish higher-low setup typically signals the bottom of a correction and the potential resumption of the uptrend.
At time of writing, BTC is trading for $26,030.
Sep 04, 2023