It has been revealed the fact that the Bitcoin bull rally is not over, according to more predictions even if there has been fake news about ETF approvals. Check out the latest reports about this below.
Bitcoin bull run is not over yet
A well-known crypto strategist believes that Bitcoin’s upside potential for this market cycle is being underestimated by many people.
Jason Pizzino, an analyst, has informed his 93,700 followers on the social media platform X that some traders are considering the possible approval of a range of Bitcoin exchange-traded funds (ETFs) as the end of BTC’s year-long rally.
Pizzino argues that even if the crypto markets correct themselves following the approval of BTC ETFs, it does not necessarily mean that BTC’s long-term uptrend is over.
“Many may be vastly overestimating the market impact of the Bitcoin ETF in the short term with calls of $200,000 and upwards.
However, they could be underestimating the potential long-term price appreciation for this cycle.
That is, even if the Bitcoin ETF is a ‘sell-the-news’ event, that is no reason to believe this cycle is over.
It’s only just getting started.”
Pizzino suggests that Bitcoin is still in an uptrend, with no immediate signs of reversal. In the short term, he believes that BTC may surpass $50,000, citing support and resistance levels from Gann.
“Bitcoin has been up for four months straight and is within 2% of the monthly swing top price level at $48,000 and within 6% of the Gann 50% extension at $50,000.
Many altcoins continue to lose BTC value since December peaks but overall have done very well since the September/October lows.
How much more excitement can these crypto markets take right now? My highest expectation was ~$52,000 (weekly lower swing tops from the all-time high) and the lowest was ~$45,000 (major Gann 50% range resistance). The lowest has been hit and the $48,000 is well within reach.
Do I still expect a correction? Yes, but I am not fighting the trend in the short term. Medium/long-term analysis will be reviewed in due course.”
