Analyst Shares Bitcoin Prediction – Here’s What You Need to Know
A crypto strategist and YouTuber, Jason Pizzino, who has over 282,000 subscribers, has predicted that Bitcoin is preparing to rebound after losing more than 10% of its value in recent weeks.
Despite the drop, Pizzino believes that the long-term bullish trend of the cryptocurrency is still intact, and the current correction is simply a part of the overall trend.
Dip levels to watch out for
However, Pizzino also anticipates that Bitcoin may experience near-term losses before it bounces back.
He says there are several key levels to watch out for in terms of dips, including $20,700, $19,800, and $18,600. The analyst points out that if the price of Bitcoin falls below $18,000, then the overall structure would change, and the start of the bull market would no longer be valid.
Pizzino’s Bitcoin prediction of an incoming surge
Despite his short-term bearish outlook, he believes a correction will eventually set Bitcoin up for a significant rally.
The analyst said:
“In terms of my own opinion of the data that I’ve extrapolated here and how I’m interpreting it is that this is the start of the next leg up.”
Pizzino uses the current dip as an opportunity to “dollar-cost average” (DCA) into Bitcoin. Dollar-cost averaging is an investment strategy in which an investor divides up the total amount they wish to invest across periodic purchases of a particular asset, regardless of the asset’s price at the time of purchase. This strategy aims to reduce the impact of volatility on the overall purchase price. It can help to mitigate the risks of investing.
Despite the recent dip, Bitcoin has managed to bounce back after the recent CPI report. In addition, the asset achieved an impressive year-to-date return, with its value soaring by over 70%.
READ MORE: January’s CPI Data: Nuances and Implications for Risk Assets
The state of the crypto market
Bitcoin’s current price action reflects the broader crypto market, which has seen consolidation in recent weeks.
Investors are also concerned about the potential impact of regulatory crackdowns on the crypto market.
In conclusion, while the recent market correction may be unsettling for some investors, it is essential to remember that Bitcoin has been through similar price swings and has always bounced back stronger.
Pizzino’s belief in BTC’s long-term bullish trend is shared by many analysts, and investors may see this dip as an opportunity to enter the market at a lower price point.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
