The Bitcoin bull market is not over, regardless of what the price of the king coin might say. At the moment of writing this article, BTC is trading in the red and the digital asset is priced at $26,456.
Bitcoin bull market is still on
It has been just reported the fact that a closely followed crypto strategist says that Bitcoin’s (BTC) long-term trend remains up despite its bearish price action after briefly surging above $30,000.
In a new video, analyst Jason Pizzino said not too long ago the fact that Bitcoin is still in a bull market.
According to the analyst, his bullish stance will not change as long as Bitcoin is trading above $20,000.
“Overall, the macro is up… To the short-term, bear market, yes: lower highs, lower lows. That’s short-term. But in the longer term, there is your bull market. We’re still in it right now.”
He continued and said this:
“That is going to pivot if we break $20,000.”
It is also worth noting the fact that Pizzino addressed the fact that market participants appear to be raising their bottom targets for Bitcoin.
He believes the fact that the calls for Bitcoin to plunge to $10,000 are being drowned out by traders who expect BTC to carve a bottom at $20,000.
“And one other thing to notice is when we broke down [over the weekend], notice how there weren’t too many calls for, ‘This is going to $10,000 or $12,000.’ There were calls, but nowhere near as many calls for $10,000 or $12,000 like they were back at $20,000. Now people are only hopeful that we go back to $20,000. So you’re starting to see that bar rise.”
He also continued and stated the fact that this is very characteristic of climbing the wall of worry, and their bottom targets are getting higher.
Stay tuned for more news from the crypto space.
