Crypto analyst Jason Pizzino, who closely follows the cryptocurrency market, expects the largest cryptocurrency Bitcoin (BTC) to experience an upward surge despite unfavorable market conditions. However, the analyst predicts a price pullback first.
Crypto analyst Jason Pizzino, who knows every move of Bitcoin, highlighted that if Bitcoin retests the support around $23,500, the bears will likely come out in full force. Pizzino said the following about the potential situation:
The crypto community on X (formerly known as Twitter) will lose their minds in this gap, so be prepared for that. There is a price gap of about 9% that needs to be filled from around $26,000 to $23,500.
This is due to the market being stagnant and less volatile. Therefore, things go haywire when it’s a few percent higher than what people are used to.
After this point, there will be ridiculous calls for the price to drop to $15,000, $14,000, $12,000, $10,000. You can infer that we are nearing the end of the drop when we receive these calls and potentially forming a higher macro bottom. So, my focus is above $23,600.
Pizzino anticipates a scenario where Bitcoin experiences a sharp sell-off that traps the bears before forming a rising bottom, indicating the potential restart of an uptrend. For this scenario, the analyst noted, “There might be a quick bounce from the 50% Fibonacci level at $23,600 (around $24,300) because we know that the 50% Fibonacci level works extremely well for BTC in 2023 and, of course, throughout history in all timeframes.”
A rising bottom formation typically indicates the end of a correction and the potential start of an uptrend. The largest cryptocurrency, Bitcoin, is currently trading just below $29,917 with a minimal increase of 0.04% in the last 24 hours.