A closely followed crypto strategist believes that people may be underestimating the upside potential of Bitcoin (BTC<\/a>) for this market cycle.<\/p>\n Analyst Jason Pizzino tells his 93,700 followers on the social media platform X that some traders are already marking the possible approval of a slew of Bitcoin exchange-traded funds (ETFs) as the end of BTC\u2019s year-long rally.<\/p>\n Pizzino argues<\/a> that even if the crypto markets correct following the approval of BTC ETFs, it doesn\u2019t necessarily mean that the long-term uptrend of BTC is over.<\/p>\n \u201cMany may be vastly overestimating the market impact of the Bitcoin ETF in the short term with calls of $200,000 and upwards.<\/em><\/p>\n However, they could be underestimating the potential long-term price appreciation for this cycle.<\/em><\/p>\n That is, even if the Bitcoin ETF is a \u2018sell-the-news\u2019 event, that is no reason to believe this cycle is over.<\/em><\/p>\n It\u2019s only just getting started.\u201d\u00a0<\/em><\/p>\n Pizzino also says that Bitcoin is still in an uptrend with no immediate reversal signals. In the short term, he thinks that BTC can still climb above $50,000, citing Gann support and resistance levels.<\/p>\n \u201cBitcoin 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.<\/em><\/p>\n Many altcoins continue to lose BTC value since December peaks but overall have done very well since the September\/October lows.<\/em><\/p>\n 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.<\/em><\/p>\n 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.\u201d<\/em><\/p>\n At time of writing, Bitcoin is trading for $45,931, down nearly 2% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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