Analyst Jason Pizzino, who follows the crypto market closely, explained that investors may be underestimating the bullish potential of Bitcoin (BTC) during this market cycle.
ETF Approval Process in Bitcoin
Analyst Jason Pizzino hinted this to his followers on social media platforms, saying that even if the crypto market recovers following the approval of the Bitcoin ETF, this does not necessarily reflect a long-term bullish trend for Bitcoin. He made the following statements
Many people may be overestimating the short-term market impact of the Bitcoin ETF with purchases of $200,000 and above. But they may be underestimating the potential long-term price increase for this cycle. So, even if the Bitcoin ETF is a ‘news sell’ event, there is no reason to believe this cycle is over. It’s just getting started.
Short-Term Decline in BTC
Pizzino also explained that Bitcoin is still in an uptrend and there is no sign of it reversing anytime soon. Touching on near-term support and resistance levels, Gann emphasized that BTC could still rise above $50,000.
Bitcoin has been on the rise for four months and is within 2% of its monthly price high of $48,000 and within 6% of the Gann 50% extension of $50,000. Many altcoins continue to lose BTC value since the December highs, but overall it has performed very well since the September/October lows. How much more excitement can these cryptocurrency markets take right now? My high expectation was $52,000 and my low was $45,000 (big Gann 50% range resistance). The low has been hit and it is very close to $48,000. Am I still waiting for a fix? Yes, but I’m not fighting the trend in the short term. Medium/long term analyzes will be reviewed in due course.
