The Bitcoin bull rally isn't over yet, even if ETF approvals turn out to be a hot sell, an analyst says
A closely followed crypto strategist believes that people may be underestimating Bitcoin's (BTC) upside potential for this market cycle.
Analyst Jason Pizzino shares with his 93,700 followers on the social media platform
Pizzino argues that even if crypto markets correct following the approval of BTC ETFs, it does not necessarily mean that BTC's long-term bullish trend is over.
“Many may be vastly overestimating the market impact of the Bitcoin ETF in the short term, with calls of $200,000 and above.
However, they may be underestimating the potential long-term price appreciation for this cycle.
That said, even if the Bitcoin ETF is a sell-the-news event, that is no reason to believe that this cycle is over.
It’s just beginning.”
Pizzino also says that Bitcoin is still in an uptrend and there are no immediate reversal signals. In the short term, he believes BTC can still climb above $50,000, citing Gann's support and resistance levels.
“Bitcoin has risen for four consecutive months and is within 2% of the monthly swing top price level at $48,000 and within 6% of the Gann 50 percent extension at $50,000.
Many altcoins continue to lose BTC value since the December highs, but have performed very well overall since the September/October lows.
How much excitement can these crypto markets currently handle? My highest expectation was around $52,000 (weekly lower swing tops from the all-time high) and my lowest was around $45,000 (major Gann 50% range resistance). The bottom has been reached and $48,000 is within reach.
Do I still expect a correction? Yes, but I'm not fighting the trend in the short term. The medium/long term analysis will be reviewed in due course.”
Source: Jason Pizzino/X
At the time of writing, Bitcoin is trading at $45,931, down almost 2% in the last 24 hours.
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