A much-followed crypto analyst and trader predicts the potential path of Bitcoin (BTC) in the near term.
Analyst Jason Pizzino tells his 282,000 YouTube subscribers that while he is bullish on Bitcoin in the long run, the flagship crypto asset could fall about 15% from its current level to below $19,000 in the near term.
“On a little longer term than the hourly chart, on the daily chart, we have $21,500, we have $20,500 [support levels] and probably at worst around the mid-$18,000 range. So these are pretty good buying opportunities for me under $22,000…
In general, nothing has changed here for the macrostructure. Still long-term macro bullish. Yes, the short term can be bearish, but that’s what happens during a macro shot.”
Bitcoin is trading at $22,115 at the time of writing.
According to Pizzino, prices below $22,000 provide an accumulation opportunity for Bitcoin.
“Below $22,000, as I’ve been saying for a while, between that $18,000 and $22,000 is probably one of our best buying opportunities. If we’re able to get as low as this region here [$18,000 – $22,000].
It might only get to the mid-$20,500 mark. So keep that in mind if you’re looking for longer-term dollar cost averaging in Bitcoin.
The crypto analyst goes on to say that his bullish position for Bitcoin will become invalid in the long run if the flagship digital asset dips below $18,500.
“Right now we are in one of those shorter bearish corrections. Hopefully it goes as low as possible and maintains the bullish structure which, according to my analysis, is around that $18,500.”
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