A closely watched crypto strategist says Bitcoin (BTC)’s long-term trend continues to rise despite the bearish price action after briefly rising above $30,000.
In a new video, analyst Jason Pizzino tells his 285,000 YouTube subscribers that Bitcoin is still in a bull market.
According to the analyst, his bullish stance will not change as long as Bitcoin trades above $20,000.
“Overall, the macro is better… For the short term, bear market, yes: lower highs, lower lows. That’s short term. But in the longer term, there is your bull market. We’re still in it now.
That’s going to spin when we break $20,000.
Pizzino also highlights that market participants appear to be raising their lowest targets for Bitcoin. According to Pizzino, calls for Bitcoin to plunge to $10,000 are being drowned out by traders who expect BTC to bottom at $20,000.
“And another thing to note is when we broke down [over the weekend], note that there weren’t too many calls for, “This is going to $10,000 or $12,000.” There were calls, but not nearly as many calls for $10,000 or $12,000 as if they were back at $20,000. Now people have only hope that we go back to $20,000. So you’re starting to see that bar get higher.
This is very typical of climbing the wall of worry, and their bottom goals are getting higher and higher.
The analyst goes on to say that the USD 24,000 level could provide support for Bitcoin in case trader sentiment turns extreme.
“The bull market is still going on. The pivots of the macro have not changed. They didn’t break… So let’s relax. We still have a disadvantage. When we get extreme fear and extreme emotions and extreme excitement, see where those pivot points are.
We’re looking for a range somewhere around $24,000. So anything within that zone doesn’t really matter.”
At the time of writing, Bitcoin is trading at $25,925.
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