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In the cryptocurrency markets, closely followed analyst Jason Pizzino indicated that investors might be underestimating the potential for Bitcoin‘s (BTC) rise in this market cycle.
Bitcoin ETF Approval Process
Analyst Jason Pizzino told his followers on social media platform X that some investors are already expecting a series of Bitcoin exchange-traded funds (ETFs) to be approved, which they believe marks the end of BTC’s year-long rise. Pizzino argued that even if the crypto markets stabilize after the approval of BTC ETFs, it does not necessarily mean the end of BTC’s long-term uptrend, stating:
Many people may be overestimating the short-term market impact of a Bitcoin ETF with purchases over $200,000. However, they may be underestimating the potential long-term price increase for this cycle. So, even if the Bitcoin ETF is a ‘sell the news’ event, there is no reason to believe this cycle is over. It’s just beginning.
Short-Term Downturn in BTC
Pizzino also noted that Bitcoin is still on an upward trend without any signs of an immediate reversal. Highlighting Gann’s support and resistance levels in the short term, he emphasized that BTC could still rise above $50,000, saying:
Bitcoin has been rising for four months and is within 2% of its monthly highest price level of $48,000 and within 6% of the Gann 50% extension, which is $50,000. Many altcoins have continued to lose BTC value since their peaks in December, but overall, they have performed very well since the lowest levels in September/October. How much more excitement can these crypto markets take? My highest expectation was $52,000 and my lowest was $45,000 (major Gann 50% range resistance). The lowest level was hit and it’s very close to $48,000. Am I still expecting a correction? Yes, but I am not fighting the trend in the short term. Mid/long-term analyses will be reviewed when the time comes.
