A popular crypto strategist and trader says Bitcoin (BTC) price is unlikely to drop to $10,000.
In a new strategy session, analyst Jason Pizzino tells his 279,000 YouTube subscribers that Bitcoin bulls are likely to defend a high timeframe support level and keep it away from dropping to $10,000.
“There’s a pretty reasonable chance we won’t see the $10,000 I’ve been talking about for some time in the futures market. You got a good number here of $14,900 on the spot market for the cycle low so far. It’s about $15,500, depending on which scholarship you’re on.”
He says that if the price trends higher, Bitcoin could quickly wipe out the losses incurred since the FTX crash.
“If we get above $18,500 or $18,600, that would be a very strong sign that it was just a shakeout, a big washout, and we’ll over the weeks, over the course of November, maybe try to get some more to recover some. of those losses and go back to $20,000. That doesn’t mean we can’t close above that $18,500, come back, post a higher low over the weeks, it will take time. In that case, it’s a strong sign that we’re likely to come back and test some higher prices.”
But he also says that if Bitcoin’s price weakens and begins to regularly close below $17,500, the price could drop to a lower support level.
“Should we continue to decline during November, well, then we’ve got prices as far below about $13,500, which is relatively well aligned with the previous old cycle tops of the period in 2019.”
At the time of writing, Bitcoin is changing hands for $16,858, down 1.78% on the day.
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