Popular analyst and trader Jason Pizzino is examining the likelihood of the crypto market having already bottomed out.
Starting with Bitcoin (BTC), Pizzino tells his 278,000 YouTube subscribers in a new video that the flagship crypto asset is unlikely to fall to $10,000 if it pushes above the high last reached in August.
“If we get a little bit higher to this next swing top at $23,000, and of course my Wyckoff flip at $23,200, and then the monthly swing top at $25,200 (so that is going to be the big one that the bears are going to have to watch)… those are broken, $10,000 you could probably say is completely off, forget about it…
This is not looking too good for those $10,000 Bitcoin bears.”
Bitcoin is trading at $20,553 at time of writing.
Turning to Ethereum (ETH), Pizzino says that the second-largest crypto asset by market cap is displaying “much more strength” and is unlikely to fall below $500.
“For ETH, definitely showing much more strength… the consolidation was above the previous zone. ETH is pumped away, it’s about $1,500, it’s above the 50% [Fibonacci ratios] zone. So I think if we we’re waiting for a $300, $400, $500 ETH, probably forget those things right now.”
Ethereum is trading at $1,544 at time of writing.
Ethereum breaking above its bear market trend line will provide more evidence that the bottom is in for Bitcoin and other crypto assets, according to Pizzino.
“Once that [Ethereum’s bear market trend line] gets broken, there’s another check mark to this bottom in cryptos and Bitcoin being in. And then we just have to wait for that accumulation period.
Depending on how long it takes, maybe it’s a quicker one this time, maybe it’s slightly shorter… but either way, this is still looking like the extreme bears are in a process of getting absolutely crushed.”
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