A widely followed crypto analyst is laying out a potential price target for Bitcoin (BTC) this cycle, noting that the flagship digital asset’s bull market is slowly running out of time.
In a new video update, crypto strategist Jason Pizzino tells his 350,000 YouTube subscribers that returns on the top crypto asset by market cap are slimming down as its price continues to grow.
Pizzino says that since hitting a bottom in November of 2022, BTC has printed two huge rallies, and if a third one were to play out, Bitcoin could print a new record high.
“In this cycle, we haven’t seen the big pump moves that we’ve seen in the past. We’ve seen two $60,000 moves, almost to the dollar, which is pretty incredible when you consider that this has gone even more global, yet the markets tend to repeat things time and time again.
The first move out of the low at $15,000 to the top at $74,000, [a rise of] roughly about $58,000.
The next move from the next significant low like we saw in August of 2024 to the current peak, [a rise of] $60,001…
Let’s have a look at where [a gain of] $60,000 takes the market from the current low, if in fact this is the low itself. Well, that’s all we got to work with [and] $60,000 takes us somewhere around $130,000.”
However, Pizzino notes that the gains are getting “quite finite” as BTC becomes bigger in market cap, and that the risk is now much higher compared to the early stages of the cycle.
“If you’ve been in here for a while, maybe even from the earlier cycles and you’re looking at the price now, you’re potentially up thousands of percent. If you got in in 2023…maybe you’re up a few hundred percent.
But if you’re getting in now, this is a time where you really need to have those stops in play because from this price up… the game is really becoming quite finite. It doesn’t mean that you can’t make money from it, but the returns are obviously getting slimmer on the way up even with those $60,000 moves…
It’s not necessarily the game has changed now, there are just a lot more eyeballs on it, and you need a lot more money going into it to get to those prices.”
Bitcoin is trading for $84,679 at time of writing, a fractional decrease during the last 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: DALLE3
Read the full article here
Follow us on Google News to get the latest Updates
