Cryptocurrency trader and analyst Jason Pizzino says Bitcoin (BTC) has more upside potential despite a pullback.
In a new strategy session, Pizzino tells his 358,000 YouTube subscribers that Bitcoin has more room to run higher based on technical analysis.
“We have not seen any breakdowns in price on a macro basis to suggest that the cycle is over. I think it’s pointless trying to call the tops from four-hour trends or one-day trends because you’re only going to see short-term trend changes. And for a cycle to be over, you need to see macro changes in trend. and they form from weekly, generally monthly bars.”
Pizzino further says that the Bitcoin bull cycle traditionally lasts between 35 to 37 months and is currently on the 34th month since the cycle started. According to Pizzino, Bitcoin is likely to remain below the all-time high reached in mid-August for the rest of this month.
“I think it’s unlikely that Bitcoin is going to put in a new all-time high in September. But there is a possibility that we’ve already been watching now, for a new all-time high for October, which takes us right out to dead on 35 months. 36 months would take us to November, 37 is December, 38 being January, and 39 for February.”
Pizzino further says Bitcoin could fall to a five-figure price while still maintaining the bullish structure.
“Short-term, things are looking okay here for Bitcoin, provided it holds this $112,000. Otherwise, we go down… …We’ve still got the lows at $107,000. And then potentially a little lower here. But it’s still holding the structure provided we don’t break $98,000 to $100,000.”
Bitcoin is trading at $111,437 at time of writing.
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