Renowned crypto trader and analyst Jason Pizzino recently shared his latest market analysis on his YouTube channel. In his insightful video, Pizzino confidently predicts that Bitcoin (BTC) is gearing up for a bullish run, starkly contrasting the current situation for many altcoins in the market. His astute observations and expert analysis make for a must-watch for any serious crypto investor.
According to Pizzino’s analysis, a potential surge in BTC’s value in the upcoming weeks could result in a price range of $30.5K to $35K. Additionally, he anticipates a shift in market dominance towards BTC as traders may opt to transfer their investments from altcoins to BTC, and this shift could lead to losses for altcoin HODLers.
According to the latest update from CoinMarketCap, BTC is currently trading at $28,178.48, reflecting a 2.68% decline in the past 24 hours. Unfortunately, this has resulted in a negative weekly performance of -1.69% for the market leader. BTC’s market dominance has also experienced a slight dip of 0.09%, currently standing at 47.08%.
The analyst honed in on Ethereum (ETH), the top altcoin, and emphasized the importance of surpassing the critical $2K threshold to establish a definitive trajectory. Pizzino underscored that the market’s response to a breach of this level would be a pivotal indicator of ETH’s medium-term valuation.
During a recent discussion, Pizzino delved into the potential outcomes for ETH’s price once it surpasses the $2K threshold. According to Pizzino, there are two possible scenarios to consider. The first scenario suggests that ETH may experience a temporary dip below $2K before reaching a new low for this bear cycle. Alternatively, if ETH consolidates above $2K in the medium term, it could be an early indicator of the next bull market. As always, only time will tell which scenario will ultimately come to fruition.
According to the trader, ETH finds itself at a critical juncture compared to its rival, BTC. Despite this, the trader did note that ETH is faring better than other altcoins in the market when pitted against BTC. Currently, ETH is trading at $1,854.78, having experienced a 3.01% dip in the last 24 hours. However, it’s worth noting that its weekly performance remains positive, with a +0.36% increase.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
