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Popular analyst and trader Jason Pizzino is looking into the possibility that the cryptocurrency market has already hit bottom.
Starting with Bitcoin (Bitcoin), Pizzino To tell In a new video, his 278,000 YouTube subscribers say it is unlikely the flagship cryptocurrency will fall to $10,000 if it surpasses its last high in August.
“If this next swing top of $23,000 and of course my Wyckoff flip goes up to $23,200 and my monthly swing top of $25,200 (that would be a big one for the bears) to see )they are broken, I would say $10,000 is totally off, forget it
This is not very good for the $10,000 Bitcoin bears.
Bitcoin is trading at $20,553 at the time of writing.
Looking to Ethereum (ethereum), Pizzino said the second-largest crypto asset by market capitalization showed to be much stronger and is unlikely to fall below $500.
For ETH, it definitely shows more strength… tHis consolidation outperformed the previous zones. ETH drained, around $1,500, over 50% [Fibonacci ratios] zone. So if you’re waiting for $300, $400, $500 ETH, probably forget about it now.
Ethereum is trading at $1,544 at the time of writing.
According to Pizzino, Ethereum’s breakout of the bear market trend line will be evidence that Bitcoin and other crypto assets have bottomed out.
“one time, [Ethereums bear market trend line] Once broken, another checkmark will appear on this bottom for cryptocurrencies and bitcoins. And then you have to wait for its accumulation period.
Depending on how long it takes, it might be faster this time, or it might be a little shorter… Either way, the extreme bear looks completely crushed.
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