Key Insights
- The crypto analyst (Jason Pizzino) has examined the possibility that Bitcoin and Ethereum bear being in for a surprise in the coming months.
- He says that if Bitcoin rises to $23,000 and breaks through to the swing top around the $23,200 zone, the next swing top would be the $25,000 zone.
- Pizzino adds that the bear market is finally over and may take some time.
Sequel to the bullish streak on cryptos across the market this week, a top crypto analyst has forecasted further market gains and has even suggested that the end of the current crypto winter may have happened already.
Jason Pizzino is one of the top crypto influencers on YouTube. In one of his recent videos, the analyst examined the possibility that Bitcoin and Ethereum bear being in for a surprise in the coming months.
Crypto Analyst Pizzino on Bitcoin
Speaking to an audience of more than 250,000 YouTube subscribers in a new video, Pizzino mentioned that Bitcoin may very well have bottomed out.
In his video, the analyst mentions that contrary to what the rest of the market has come to believe, the flagship cryptocurrency may not retest the $10,000 support.
He says that such a steep decline in the price of Bitcoin may not happen if the cryptocurrency rises beyond the peak it last hit in August.
He says that if Bitcoin rises to $23,000 and breaks through to the swing top around the $23,200 zone, the next swing top would be the $25,000 zone.
If these resistances are broken, says Pizzino, the $10,000 target is “completely offâ€. “Forget about itâ€, he says “This doesn’t look so good for those $10,000 Bitcoin bearsâ€
Bitcoin is trading at $20,184 at the time of writing and is down by 2.23% over the last day. It also has a 9.6% decline in trading volume over the last 24 hours.
Crypto Analyst Pizzino on Ethereum
Turning to Ethereum, the analyst mentions that the altcoin shows much more strength.
Like Bitcoin being unlikely to retest the $10,000 zone in the analyst’s opinion, he also mentions that Ethereum is “unlikely to go below 500â€. “If you’re waiting for a $300, $00, or $500 Ethereum,†the analyst says, “then probably forget those things right now”.
As illustrated by the chart above, if Ethereum closes above its current bear market trendline, it would be a particularly good “checkmark” to the bottom of cryptos and Bitcoin.
Pizzino adds that the bear market is finally over and may take some time. However, he adds that the “extreme bears†look like they’re on the way to being “absolutely crushedâ€.
At the time of writing, Ethereum is changing hands at $1,508 and is down by about 2.82% over the last day.
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