Bullet Points:
• Crypto analyst and trader Jason Pizzino recently warned that it is not certain that Bitcoin will reach a new record high like it did in previous bull cycles.
• For Bitcoin to reach a new all-time high during the next bullish phase, it must reach a critical Fibonacci retracement level and surpass certain thresholds.
• According to his guidelines, a Bitcoin all-time high would be impossible until the price rises above $34,500, which would represent a 50% increase.
This year has been a difficult one for cryptocurrency investors. After the Terra Luna and FTX disasters, many have lost trust in the crypto market and prices have fallen due to inflation and rising interest rates. With the new year fast approaching, a new question has arisen: will Bitcoin (BTC) reach a new all-time high (ATH) in 2023?
Crypto analyst and trader Jason Pizzino recently spoke out about the topic on his YouTube channel. He explained that for Bitcoin to reach a new ATH, it must first reach a critical Fibonacci retracement level and surpass certain thresholds. According to Pizzino, a Bitcoin ATH would be impossible until the price rises above $34,500, which would represent a 50% increase.
Pizzino’s opinion is shared by many other industry participants and most new blockchain companies. Many are excited to see what the coming year will bring, but are also cautious as Bitcoin has been known to be volatile. It is possible that the price of BTC could rise significantly, but it is also possible that it could crash.
Given the current market conditions, predicting the future of Bitcoin is a difficult task. It is important for investors to stay informed and make smart decisions when it comes to investing in cryptocurrencies. With the right information, investors can make educated decisions that could potentially lead to significant gains in 2023.