dailyhodl.com 1 h Reading time: ~2 m
Popular crypto analyst and trader Jason Pizzino is warning that Bitcoin (BTC) is not guaranteed to hit a new record high like it did in previous bull cycles.
In a new video, Pizzino tells his 279,000 YouTube subscribers that for Bitcoin to hit a new all-time high during the next bullish phase, the flagship crypto asset needs to reach a key Fibonacci retracement level as well as rise above certain resistance levels.
The crypto analyst and trader, however, says that “for now” it is impossible to predict a new record high for Bitcoin.
“Can Bitcoin hit a new all-time high in the next bull market cycle? So, looking specifically at Bitcoin and Bitcoin only, not at ETH [Ethereum], not other cryptocurrencies, we need to see Bitcoin get back above $34,500.
Why? Well, that’s the 50% [Fibonacci] level from the all-time high to the all-time low. And for Bitcoin, the all-time low is basically zero. So $34,500 needs to be overcome.
Bitcoin also needs to take out its monthly swing tops to show that buyers are coming back into the market. That is going to be a major confirmation point for the macro players…
Once that occurs then there’s a pretty strong case of Bitcoin hitting that new all-time high.
For now, we can’t say that it will hit a new all-time high. What’s happened in the past is it’s always hit a new all-time high.”
According to Pizzino, Bitcoin could peak at $45,000 during the next cycle in the “worst case scenario” if the flagship crypto asset bottoms out at around $15,000.
“If we’re looking for a worst-case scenario here, potentially a 200% increase from wherever that low might form, should the lows be $15,000, could get us to around $45,000, in line with some of these other previous tops.”
Bitcoin is trading at $16,676 at time of writing.