A closely followed crypto strategist says that Bitcoin’s (BTC) long-term trend remains up despite its bearish price action after briefly surging above $30,000.
In a new video, analyst Jason Pizzino tells his 285,000 YouTube subscribers that Bitcoin is still in a bull market.
According to the analyst, his bullish stance will not change as long as Bitcoin is trading above $20,000.
“Overall, the macro is up… To the short-term, bear market, yes: lower highs, lower lows. That’s short-term. But in the longer term, there is your bull market. We’re still in it right now.
That is going to pivot if we break $20,000.”
Pizzino also highlights that market participants appear to be raising their bottom targets for Bitcoin. According to Pizzino, calls for Bitcoin to plunge to $10,000 are being drowned out by traders who expect BTC to carve a bottom at $20,000.
“And one other thing to notice is when we broke down [over the weekend], notice how there weren’t too many calls for, ‘This is going to $10,000 or $12,000.’ There were calls, but nowhere near as many calls for $10,000 or $12,000 like they were back at $20,000. Now people are only hopeful that we go back to $20,000. So you’re starting to see that bar rise.
This is very characteristic of climbing the wall of worry, and their bottom targets are getting higher.”
The analyst goes on to say that the $24,000 level could offer support for Bitcoin in case trader sentiment turns extreme.
“The bull market is still on. The macro pivot points have not changed. They have not broken down… So let’s relax. We’ve still got downside. If we get extreme fear and extreme emotions and extreme excitement, just look at where those pivot points are.
We’re looking for a range somewhere around $24,000. So anything within that zone doesn’t really matter.”
At time of writing, Bitcoin is trading for $25,925.
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