A prominent crypto strategist and trader believes that Bitcoin’s (BTC) price will not fall below $10,000.
Advisor Jason Pizzino tells his 279,000 YouTube followers in a new approach session that Bitcoin bulls will likely maintain a high time frame trading range and prevent a drop near $10,000.
“It’s likely we won’t hit $10,000 in the futures market as I’ve predicted. You have a good figure of $14,900 for the cycle low on the spot market so far. It’s now somewhere about $15,500, giving or taking a few hundred dollars depending on the currency you choose.”
According to him, Bitcoin might swiftly recover the losses experienced after the FTX meltdown if the price trend continues to rise.
“If we go over $18,500 or $18,600, that will be a pretty strong indication that this was simply a shakeout, a large wash, and we will try to recoup a few more of those losses and get back towards $20,000 over the course of the next weeks and November.”
It does not exclude the possibility of a closing over $18,500, a retracement, and a higher low over the next weeks; but, this will take time. If that’s the case, it’s a good indication that we’ll be revisiting prior highs in an effort to see how they hold up.
However, he adds that if Bitcoin’s price declines and continues to consistently close below $17,500, the price might fall to a lower support level.
“Should we continue to decline during the month of November, prices might fall as low as $13,500, which corresponds to the previous old cycle peaks of the time in 2019.” At the time of writing, the price of Bitcoin is $16,858, a daily decrease of 1.78 percent.