A closely followed crypto strategist believes that Bitcoin (BTC) is gearing up for a fresh rally after the king crypto lost over 10% of its value over the past weeks.
Analyst Jason Pizzino tells his 282,000 YouTube subscribers that he believes Bitcoin is still bullish, but he thinks the top crypto by market cap can go lower in the short term.
“These are the key levels that I’m looking out for in terms of dips: $20,700, $19,800 and then we don’t really want to see the market go any lower than $18,600. If you really want to get that far down, probably these lows here at $18,000. If it does go lower than this point, the structure changes and this is no longer the start of a bull market.”
Pizzino also says he believes that this Bitcoin correction is setting up the king crypto for an incoming surge.
“In terms of my own opinion of the data that I’ve extrapolated here and how I’m interpreting it is that this is the start of the next leg up. We can be bullish in the long term but then also be bearish on the shorter term, and that’s precisely what’s happening right now. So I’m going to use this opportunity to DCA [dollar cost average] into some BTC.”
At time of writing, Bitcoin is worth $21,761, a fractional increase on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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