Bitcoin Sees New Outlook Revealed By Crypto Analyst

There are new predicitons about the price of Bitcoin these days. Check out the latest reports about this below. At the moment of writing this article BTC is trading in the green and the king coin is priced at $29,001.

Crypto analyst Jason Pizzino is urging caution on Bitcoin (BTC). This is happening amid an uptick in the price of the flagship crypto asset.

Pizzino recently said that Bitcoin is unlikely to hit new highs after rallying by about 5% from its April low.

“I don’t think we’re out of the Woods here, I don’t think we are about to go up into new highs because we haven’t broken past this level at $28,500 and the 50% [Fibonacci retracement level] level which is now $29,337.

The crypto analyst believes the fact that Bitcoin still needs to get back above those levels for the short-term strength to come into the market so it can attempt to break $30,000 and $31,000 again.

“For now this all looks like it’s a bit of a rally into a diagonal resistance.”

He also made sure to say the fact that Bitcoin is likely to retrace downwards to continue the downtrend that ensued after BTC’s nearly 100% rally in five months.

“We have spent five months going up. Unless this is a last Hail Mary attempt to take the tops out, I don’t expect this to be that price to the upside. It’s just a bit of a pity bounce before we continue to the downside…

Prices to watch: $26,500, $25,300 and $23,900, around $24,000 level.”

Not too long ago, we revealed the fact that a popular crypto strategist says that Bitcoin (BTC) is probably setting the stage for a steep rally in the coming months as BTC shadows a parabolic rally witnessed nearly a decade ago.

Pseudonymous analyst TechDev said that multiple technical indicators suggest that Bitcoin could be mimicking its 2015 bull market, a cycle that saw BTC rally from less than $200 to $20,000 in about two years.

The crypto analyst shared two charts that show how BTC has been following the 2015 cycle over the last year and a half.