Popular crypto analyst and trader Jason Pizzino warns that Bitcoin (BTC) is not guaranteed to hit a new all-time high like it has in previous bull cycles.
In a new video, Pizzino explains to his 279,000 YouTube subscribers that in order for Bitcoin to hit a new all-time high in the next bull run, the flagship crypto asset must reach a key Fibonacci retracement level and break through certain resistance levels.
The crypto analyst and trader, however, claims that “at this time” it is impossible to predict a new all-time high for Bitcoin.
“Can Bitcoin reach a new all-time high in the next bull market cycle? So looking specifically at bitcoin and bitcoin only, not at ETH [Ethereum]no other cryptocurrencies, we need to see Bitcoin back above $34,500.
Why? Well, it’s the 50% [Fibonacci] level from historic high to historic low. And for Bitcoin, the all-time low is practically nil. You must therefore exceed $34,500.
Bitcoin also needs to pull back from its monthly highs to show buyers are returning to the market. This is going to be a major confirmation point for macro players…
Once that happens, there’s a pretty strong case of Bitcoin hitting that new all-time high.
For now, we cannot say that it will reach a new all-time high. What happened in the past is that it always reached a new all-time high.
According to Pizzino, Bitcoin could peak at $45,000 in the next cycle in a “worst-case scenario” if the flagship crypto asset hits around $15,000.
“If we’re looking for the worst-case scenario here, potentially a 200% upside from where this low could form, if the low was $15,000, that could take us to around $45,000, which is to some of these other previous highs.”
Bitcoin is trading at $16,676 at the time of writing.
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