A popular analyst and trader is predicting a final capitulation phase for Bitcoin (BTC), before the king cryptocurrency may actually bottom out.
In a new video, cryptocurrency strategist Jason Pizzino told his 275,000 YouTube subscribers that Bitcoin failed to follow a classic bottom pattern and now looks poised for a fresh bear market low.
“When you get a signal like that — a double bottom, any particular signal like that has failed — you can see the breakdown here, and once you get below that bottom level ($18,600), that’s a double bottom failure. This Usually means you’re looking at lower prices, significantly lower than the current low ($18,600).”
Although the crypto analyst predicts another drop for Bitcoin, he does not think the correction will be as dramatic as what BTC witnessed from January to June this year.
He also gave a range where Bitcoin could actually bottom.
“We’re always watching very, very, very closely what the market sentiment is doing, and the market sentiment is scary. So maybe it won’t be that much of a cut. Maybe $13,000, $14,000, $15,000, $16,000, But emotionally it’s going to be extreme. People are going to feel really, really bad about the relocation.
But when you look at it from a dollar value perspective, we’ve seen the dollar make a bigger move on the way down. I don’t want to play like this (November 2021-January 2022) or stage like this (March 2022-June 2022). “
At the time of writing, Bitcoin is changing hands at $18,929, down 3.51% on the day.
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