Popular crypto analyst and trader Jason Pizzino warns that Bitcoin (BTC) is not guaranteed to reach new record highs like it did in previous bull cycles.
In a new video, Pizzino tells his 279,000 YouTube subscribers that in order for Bitcoin to hit a new all-time high in the next bull run, the leading crypto asset must reach a key Fibonacci retracement level as well as break above certain resistance levels.
The cryptoanalyst and trader, however, says it is impossible to predict a new record high for Bitcoin “for now.”
“Could Bitcoin Reach New All-Time Highs in the Next Bull Market Cycle? So looking specifically at Bitcoin and Bitcoin only, not ETH [Ethereum]rather than other cryptocurrencies, we should see Bitcoin bounce back above $34,500.
Why? Well, that’s 50 percent [Fibonacci] level from all-time high to all-time low. And the all-time low for Bitcoin is basically zero. So $34,500 is something to get over.
Bitcoin should also take out its monthly swings to show that buyers are returning to the market. It will be a major confirmation point for macro players…
When that happens, there’s a pretty strong case that Bitcoin has reached that new all-time high.
For now, we cannot say that it will reach a new historical level. What has happened in the past is that it has always reached an all-time high.”
According to Pizzino, Bitcoin could peak at $45,000 in the next cycle, “at worst” if the leading crypto asset reaches around $15,000.
“If we’re looking at the worst-case scenario here, a potential 200% rally to wherever that low might form, if the low is $15,000, could take us to around $45,000, which is in line with some of these earlier tops.”
Bitcoin is trading at $16,676 at the time of writing.
In:
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check out the price action
Follow us! Twitter:Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer. The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated by Midjourney
