A popular crypto strategist and trader says Bitcoin’s (BTC) price is unlikely to fall all the way down to $10,000.
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.
“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.”
He says that if the price trends higher, Bitcoin may quickly erase the losses sustained since the FTX collapse.
“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
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.
“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.”
At time of writing, Bitcoin is changing hands for $16,858, down 1.78% on the day.