Top Analyst Says Extreme BTC And ETH Bears Will Get Crushed

February 20, 2023

Jason Pizzino, a well-known analyst and trader, is analysing the possibility that the crypto market has already bottomed out.

In a recent video, Pizzino told his 278,000 YouTube followers that the leading cryptocurrency asset, Bitcoin (BTC), is unlikely to drop below $10,000 if it rises beyond the peak it last hit in August.

“If we get a little bit higher to this next swing top at $23,000, and of course my Wyckoff flip at $23,200, and then the monthly swing top at $25,200 (so that is going to be the big one that the bears are going to have to watch)… those are broken, $10,000 you could probably say is completely off, forget about it…
This is not looking too good for those $10,000 Bitcoin bears.”

At the time of writing, the price of one bitcoin is $20,553.

Pizzino turns his attention to Ethereum (ETH), noting that the second-largest cryptocurrency asset by market value is showing “much more strength” and is unlikely to go below $500.

“For ETH, definitely showing much more strength… the consolidation was above the previous zone. ETH is pumped away, it’s about $1,500, it’s above the 50% [Fibonacci ratios] zone. So I think if we we’re waiting for a $300, $400, $500 ETH, probably forget those things right now.”

At the time of writing, the price of ethereum is $1,544.

According to Pizzino, if Ethereum crosses above its bear market trend line, it would be more proof that Bitcoin and other crypto assets have reached their bottom.

“Once that [Ethereum’s bear market trend line] gets broken, there’s another check mark to this bottom in cryptos and Bitcoin being in. And then we just have to wait for that accumulation period.
Depending on how long it takes, maybe it’s a quicker one this time, maybe it’s slightly shorter… but either way, this is still looking like the extreme bears are in a process of getting absolutely crushed.”