A popular crypto strategist and trader says Bitcoin’s price is unlikely to fall all the way down to $10,000.
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In a new strategy session, analyst Jason Pizzino tells his 279,000 YouTube subscribers that Bitcoin bulls will likely defend a high time frame support level and keep it away from plunging toward $10,000.
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“There’s a pretty reasonable chance that we won’t see the $10,000 like I’ve talked about for quite a while on the futures market. You got a nice number here of $14,900 on the spot market for the cycle low thus far. It is at around $15,500 depending on which exchange you’re on.”
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He says that if the price trends higher, Bitcoin may quickly erase the losses sustained since the FTX collapse.
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“If we get above around $18,500 or $18,600, that is going to 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 attempt to recover a few more of those losses and head back towards $20,000. It doesn’t mean we can’t close up above that $18,500, come back down, put in a higher low over the weeks, this will take time. In that case, that’s a strong sign that we’ll probably come back up and test some higher prices.”
Source: Jason Pizzino/YouTube
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But he also says if Bitcoin’s price weakens and begins to close regularly below $17,500, the price may dip to a lower support level.
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“Should we continue down during November, well then we got prices as far down as about $13,500, which lines up relatively well with the previous old cycle tops of the period in 2019.”
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At time of writing, Bitcoin is changing hands for $16,858, down 1.78% on the day.
