Bitcoin traded above the $22,000 mark on Tuesday night as crypto strategist believes that the flagship cryptocurrency is gearing up for a fresh rally after it lost over 10% of its value over the past weeks.
A popular analyst Jason Pizzino tells his 282,000 YouTube subscribers that he believes Bitcoin is still bullish, but he thinks the top crypto by market cap can go lower in the short term.
He said, ” These are the key levels that I’m looking out for in terms of dips: $20,700, $19,800 and then we don’t really want to see the market go any lower than $18,600″.
Pizzino however cautioned that any dip below the $18,000 mark could affect his analysis and this could no longer be the start of a bull market.
The analyst also positioned that bitcoin’s recent correction is setting the most valuable cryptocurrency for an incoming surge.
“In terms of my own opinion of the data that I’ve extrapolated here and how I’m interpreting it is that this is the start of the next leg up. We can be bullish in the long term but then also be bearish in the shorter term,” he noted.
At the time of writing this report, Bitcoin is trading at $22,125, up by 1.6% in the past 24 hours, data from the Binance platform reveals.
Going forward, Investors king understands that the price of the king of cryptocurrency could see more correction or be impacted by negative news, thereby Dollar Cost Averaging (DCA) could be the most ideal strategy for long-term holders.
What to Know About Dollar Cost Averaging
Dollar Cost Averaging (DCA) is when you make a small investment in a particular asset or series of assets on an ongoing basis instead of making a huge one-time-off investment. It helps you to take advantage of the market downturn without risking too much capital at a given time.
