Jason Pizzino, a prominent analyst and trader is studying the potential that the cryptocurrency market has already reached its bottom.
Pizzino tells his 278,000 YouTube followers in a new video that Bitcoin (BTC) is unlikely to go below $10,000 if it surpasses its August peak.
Turning to Ethereum (ETH), Pizzino believes that the second-largest cryptocurrency by market capitalization is exhibiting “far more strength” and is unlikely to go below $500.
“Ethereum is looking considerably stronger than before… The consolidation occurred above the preceding zone. The price of ether (ETH) has been driven up to about $1,500, far above the 50% [Fibonacci ratios] area. Therefore, I believe we should forget about $300, $400, or $500 ETH for the time being.”
According to Pizzino, if Ethereum breaks above its bear market trend line, it will give more proof that the bottom has been reached for Bitcoin and other cryptocurrencies.
“Once that [Ethereum’s bear market trend line] is broken, it will be more confirmation that the crypto market and Bitcoin have reached the bottom. Then, we must just await the accumulating time.
Depending on how long it takes, whether it’s a little faster or shorter this time… Nevertheless, it seems that the extreme bears are in the process of being utterly crushed.”
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