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.
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