Cryptocurrency analyst Jason Pizzino suggests investors might be underestimating Bitcoin‘s (BTC) rise potential in the current market cycle. He discusses the anticipation of some investors regarding the approval of Bitcoin Exchange Traded Funds (ETFs), which they believe could mark the end of BTC’s year-long uptrend.
Pizzino argues that even if crypto markets correct after the potential approval of BTC ETFs, it doesn’t necessarily signal the end of Bitcoin’s long-term uptrend. He emphasizes that the market impact of a Bitcoin ETF might be overhyped in the short term, but the long-term price increase potential should not be overlooked.
Despite not showing immediate signs of a reversal, Pizzino maintains that Bitcoin is still on an upward trajectory. He points out that BTC is close to its monthly high of $48,000 and within reach of the $50,000 level, based on Gann’s support and resistance levels.
While many altcoins continue to lose value against BTC since their December peaks, the overall crypto market has performed well since the lows of September/October. Pizzino remains cautious about a potential correction but does not advise betting against the short-term trend.
He concludes that while he expects a correction, his highest and lowest projections—$52,000 and $45,000 respectively—have been approached, with the market nearing $48,000. Detailed mid to long-term analyses will be revisited in due time.