Cryptocurrency analyst and trader Jason Pizzino is leaning bullish on Bitcoin (BTC) but with a caveat.
In a new video, Pizzino tells his 349,000 YouTube subscribers that Bitcoin possesses more upside potential despite the negative sentiment occasioned by the crypto king falling to a three-month low earlier this week.
“…it’s just a countdown timer now for the end of the Bitcoin cycle, which could still have several months to go.
So for the untrained ear, it sounds like all doom and gloom but this is basically just preparing for something in the future and I’m looking out here for several months somewhere out towards August, maybe September of 2025…
…I still think that we’ve got further upside for BTC, to new higher highs because we haven’t seen any significant breakdowns…”
The widely followed analyst says that one of the factors that could contribute to the rise in Bitcoin’s price is the potential fall in Tether (USDT) dominance – the ratio of USDT’s market cap relative to the rest of the crypto assets. According to Pizzino, the USDT dominance is on the cusp of hitting a major resistance level and is potentially poised to fall.
“So the positive signs here are with the USDT dominance which has come out to test the upside levels [around 5.3%]…
…there might still be a little more upside here for USDT dominance which of course would mean you’d see further downside for Bitcoin and cryptos. But it doesn’t seem too far off…
…so we’re definitely closer towards the end of I guess the move to the downside and the stuff of something fresh…
… so the USDT dominance is looking relatively good here.”
Pizzino, however, warns that the price of Bitcoin and other crypto assets could be negatively impacted if the USDT dominance rises above the 5.5% level.
“The worst-case scenario is if it breaks past the diagonal downtrend which has held down the USDT dominance for the last several years going all the way back to 2023, so the last couple of years. That would be worrisome for the bull market if it started to find some support here and rise up. That would essentially mean that people have lost faith in Bitcoin and cryptos and are essentially taking profits. They’re just getting the hell out of all of the markets and primarily BTC.
So around the next couple of days to weeks, you’d want to see this [USDT dominance] get rejected at least very, very worst case somewhere up around 5.5%, 5.6% and work its way back down getting quickly under 4.75% as it currently stands. And that would lead us back to some sort of, I don’t know, positive, greedy FOMO [fear of missing out] times.”
Bitcoin is trading at $87,877 at time of writing, down by around 20% from the all-time high reached on January 20th.
Generated Image: Midjourney
