Popular crypto analyst and trader, Jason Pizzino, has relayed his hopes for a final capitulation cycle for the world’s first cryptocurrency, Bitcoin (BTC), before the currency bottoms out.
In his new strategy session, Pizzino informs his 275,000 Youtube subscribers that the King currency couldn’t hold onto the actual bottom pattern, hence, it appears that Bitcoin will hit a new bear market low soon.
He explains that whenever the asset forms a double bottom due to the currency’s inability to hang in there, the market participants can expect a new bottom to form. He predicts that if the Bitcoin price trades below $18,600, there will be a double bottom and a new bear market low.
However, this may not be a major cause of panic. The analyst predicts that the correction will not be intense, and will be way milder than we’ve seen previously in 2022.
As per the expert, it’s important to pay attention to the chaotic and disturbed market sentiments. Because of this, Bitcoin may drop to $13,000, step up towards $14,000, $15,000 and then the $16,000 area.
At the time of publication, Bitcoin is changing hands at $18,858 after a pull-down of 2.21% over the last 24hrs.
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