Top crypto analyst updates outlook on Bitcoin (BTC), Solana (SOL) and Cardano (ADA) – here are his targets
Well-regarded analyst and trader Jason Pizzino charts the way forward for three large-cap crypto assets.
Starting with Bitcoin (BTC), Pizzino tells his 282,000 YouTube subscribers in a new video that the flagship crypto-asset is unlikely to dip back to the November 2022 low.
“We can be macro-bullish if we see the market continue to rise, but there will be pullbacks. There just has to be setbacks.
And the main thing here that I’ve been trying to convey is where does this low come in? Right now, from what we’re seeing with the indicators, it looks like we could expect a higher low…
If the market is anywhere above that prior level between $15,000 and $18,000 when it is low in the zone and then moves away, the bears were dead wrong as the market did not collapse. This is essentially a higher low.”
Credit: Jason Pizzino/YouTube
Pizzino, who believes Bitcoin is likely to resume its uptrend once it sets a higher low, says his bullish thesis will become invalid if and when BTC’s $15,000 support level collapses.
At the time of writing, Bitcoin is trading at $20,458.
Speaking of Solana (SOL), the popular analyst says that Ethereum’s (ETH) rival showed “weakness” after falling nowhere near the August 2022 high of just under $50.
“It is [Solana] been a big short circuit lately. It didn’t even come close to the August top. So that was a very clear sign of weakness for a longer-term position.”
Credit: Jason Pizzino/YouTube
Looking at the analyst’s chart, he seems to think that Solana is likely heading for support around $12.50. At the time of writing, SOL is worth $18.53.
In the case of Cardano (ADA), Pizzino says the seventh-largest crypto asset by market cap looks “weak,” as does Solana after failing to make a higher high compared to the August 2022 peak.
“People like Cardano didn’t make it. The August highs are really far off here at $0.60. [ADA] only made it to $0.40, currently at $0.30.
It made new lows in January when other markets like Bitcoin and ETH were making higher lows. That’s the difference between a weak longer-term position and a strong longer-term position.”
At the time of writing, ADA is trading at $0.32.
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