Popular crypto analyst and investor Jason Pizzino warns that Bitcoin (BTC) is not guaranteed to set a new record as in previous bull cycles. Pizzino tells his 279,000 YouTube subscribers that for Bitcoin to hit an all-time high in its next bullish phase, the flagship crypto-asset must reach a key Fibonacci retracement level and break above certain resistance levels. However, the crypto analyst and investor states that “for now” it is impossible to predict a new record level for BTC.
Can BTC hit an all-time high in the next bull market cycle? For this, we need to see Bitcoin rise above $34,500. This is the 50% Fibonacci level from all-time high to all-time low.
BTC also needs to surpass monthly highs to show buyers returning to the market. This will be an important confirmation point for macro players. Once that happens, there will be a pretty strong possibility for BTC to hit an all-time high. For now, we cannot say that it will reach an all-time high. However, BTC has always reached a new all-time high in the past.
According to Pizzino, if the flagship crypto asset bottoms out around $15,000, BTC could reach $45,000 in the “worst-case scenario” in the next cycle.