Bitcoin’s bull market is still active as BTC continues to climb the wall of worry, says crypto strategist

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A closely-watched crypto strategist claims that the long-term trend in Bitcoin (BTC) remains bullish despite its bearish price action after briefly breaking above $30,000.

In a new video, analyst Jason Pizzino tells his 285,000 YouTube subscribers that Bitcoin is still in a bull market.

According to the analyst, his bullish stance will not change as long as Bitcoin is trading above $20,000.

Overall, the macro is up. For the short-term bear market, yes: lower highs, lower lows. It’s short term. But in the longer term, there is your bull market. Were still in at this time.

This will pivot if we break $20,000.

Source: Jason Pizzino/YouTube

Pizzino also points out that market participants seem to be raising their lower targets for Bitcoin. According to Pizzino, calls for Bitcoin to dip to $10,000 are being drowned out by traders expecting BTC to bottom out at $20,000.

And another thing to notice is when we broke down [over the weekend], notice how there weren’t too many calls for, it goes to $10,000 or $12,000. There were calls, but not nearly as many for $10,000 or $12,000 as they were back at $20,000. Now people are just hoping we get back to $20,000. So you’re starting to see that bar go up.

It is very characteristic to climb the wall of worry, and their lower goals are higher and higher.

The analyst goes on to say that the $24,000 level could offer support for Bitcoin in case trader sentiment turns extreme.

The bull market is still on. Macro pivot points have not changed. They didn’t break down So let’s relax. We still have drawbacks. If we have extreme fear, extreme emotions, and extreme excitement, just look at where those pivot points are.

We were looking for a range of around $24,000. So anything in that area doesn’t really matter.

At the time of writing, Bitcoin is trading for $25,925.

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