Investors Beware: Bitcoin’s Recent Surge Unlikely to Last, According to Crypto Analyst
Cryptocurrency analyst Jason Pizzino is warning investors to be cautious about Bitcoin's recent uptick in price, as he believes the cryptocurrency is unlikely to hit new highs anytime soon.
Despite rallying by about 5% from its April low, Bitcoin still needs to break past the $28,500 and $29,337 levels to see short-term market strength and have a chance to exceed $30,000 and $31,000 again, according to Pizzino.
Bitcoin’s trading price currently stands at $28,804, indicating a 5.7% rise from its lowest point of around $27,250 in the past month.
Although this increase may seem significant, according to Pizzino, Bitcoin could soon experience a retracement, resuming its downtrend after a nearly 100% surge in just five months.
Pizzino cautions that unless this is an attempt to take the tops out, he does not anticipate a sustained upward price movement, viewing the recent uptick as a minor rebound before a continuation of the downward trend.
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The cryptocurrency expert suggests that investors should watch out for prices of $26,500, $25,300, $23,900, and around $24,000 as key levels to monitor. In his view, Bitcoin’s recent rally is simply a “rally into a diagonal resistance,” and he is skeptical about its long-term prospects until it can surpass its previous highs.
Pizzino has a large following on YouTube, where he provides regular updates on the cryptocurrency market. As of now, he has over 284,000 subscribers on the platform, indicating that his insights and opinions carry significant weight among cryptocurrency investors.
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.
