Bitcoin: Crypto Analyst Shares Optimistic Outlook on the Price Movement
Crypto analyst and trader Jason Pizzino believes that the king of cryptocurrencies, Bitcoin (BTC), is unlikely to revisit its lows in 2022.
In a recent video, Pizzino shared his thoughts with his audience of over 280,000 subscribers on YouTube.
He stated that even though the price of Bitcoin may decline further from its current level, it is more likely to form a higher low, as opposed to dropping below its 2022 low of around $15,500.
Pizzino believes that the speculation of Bitcoin dropping to $10,000 will gradually diminish once the cryptocurrency breaks above its August 2022 high of slightly over $25,000.
Pizzino is optimistic about Bitcoin as long as it remains within the range of $18,000 to $22,000. He explained that if the price of the cryptocurrency drops below $18,000, it could signal a change in its structure, which could be negative.
To minimize the risk, Pizzino plans to invest in the market in a pyramid-like fashion and to increase his investment as the price drops while keeping a close eye on the $18,000 support level.
READ MORE: Bitcoin Has Features of a Store of Value – the Federal Reserve Bank of New York
The crypto analyst stated that his bullish thesis for Bitcoin will be invalidated if the cryptocurrency drops below the $18,000 support level.
Pizzino believes it is crucial for Bitcoin to hold above $18,000 and work its way higher rather than re-accumulating or starting its price action below this level.
In summary, Pizzino believes that the likelihood of Bitcoin revisiting its lows from 2022 is low and is optimistic about the future of the cryptocurrency as long as it remains within the range of $18,000 to $22,000 and holds above the $18,000 support level.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
