A popular analyst and trader is predicting a final capitulation phase for Bitcoin (BTC) before the king crypto could realistically bottom out.
In a new video, crypto strategist Jason Pizzino tells his 275,000 YouTube subscribers that Bitcoin has failed to follow through on a classic bottom pattern and now looks poised to print a new bear market low.
“When you get a signal like this double bottom, any particular signal like that fail you can see the breakdown here, once this goes beneath that bottom level ($18,600), that is a failure of a double bottom. That usually means you’re going to see lower prices, significantly lower prices than this current low ($18,600).”
Although the crypto analyst is predicting a fresh leg down for Bitcoin, he believes the correction will not be as drastic as what BTC witnessed from January to June of this year.
He also gives a range where Bitcoin could realistically bottom out.
“We always pay very, very, very close attention to what the market sentiment is doing, and the market sentiment is fearful. So the drop-down in price may not be that much. Maybe it goes to $13,000, $14,000, $15,000, $16,000, but in terms of the emotion, it will be extreme. People will feel really, really bad about the move down.
But when you look at it in terms of dollar value, we’ve seen way bigger dollar moves on the way down. I’m not expecting like this (November 2021 to January 2022) or this like this to play out (March 2022 to June 2022).”
At time of writing, Bitcoin is changing hands for $18,929, down 3.51% on the day.
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