BTC Warning from Analyst: ‘Be Careful’

Crypto analyst Jason Pizzino is calling for caution with Bitcoin (BTC) amid the BTC price spike. Pizzino tells his 284,000 YouTube subscribers that Bitcoin is unlikely to reach new highs after rising about 5% from April lows:

I don’t think we’re out of Woods here, I don’t think we’re about to hit new highs because we haven’t crossed this level at $28,500 and 50% [Fibonacci retracement level] which is currently $29,337.

Pizzino continued his comments with the following words:

Bitcoin still needs to break above these levels for short-term strength to enter the market so it can try to break $30,000 and $31,000 again. For now all this looks like a rally towards a diagonal resistance.

According to Pizzino, Bitcoin will likely pull back down to continue the downtrend that started after BTC soared almost 100% in five months:

We’ve been up for five months. Unless this is a final Hail Mary attempt, I don’t expect this price to go up. It’s just a bit of a sad bounce before continuing on the downside… Prices to watch: $26,500, $25,300 and $23,900, around $24,000.