A popular crypto strategist and trader says that Bitcoin (BTC) the price is unlikely to fall to $10,000.
In a new strategy session, analyst Jason Pizzino tells his 279,000 YouTube subscribers that Bitcoin bulls will likely defend high support and keep it from plunging towards $10,000.
“There’s a pretty reasonable chance that we won’t see the $10,000 I’ve been talking about for quite a while in the futures market. You have a good number here of $14,900 in the spot market for the bottom of the cycle so far. It is around $15,500 depending on which exchange you are on.
He says that if the price tends to rise, Bitcoin could quickly erase the losses suffered since the collapse of FTX.
“If we go above around $18,500 or $18,600, that will be a really strong sign that it was just a shake-up, a big washout, and we might try as the weeks go through November. , to recover a little more. of those losses and come back towards $20,000. That doesn’t mean we can’t close above that $18,500, come back down, put a low over the weeks, it will take time. In this case, it is a strong sign that we will probably go back up and test higher prices. »
But he also says that if the price of Bitcoin weakens and starts to close steadily below $17,500, the price could drop to a lower support level.
“If we continue lower in November, well, we have prices as low as around $13,500, which is pretty much in line with the old period cycle highs in 2019.”
At the time of writing, Bitcoin is changing hands for $16,858, down 1.78% on the day.
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