Analyst and trader Jason Pizzino is saying that the crypto market is possibly at the tail end of the cycle.
In a new video, Pizzino tells his 348,000 YouTube subscribers that for the current cycle, most of the gains “have been had already.”
According to the widely followed crypto analyst, the upside potential for Bitcoin (BTC) going forward is limited after recording gains of over 6x from the November 2022 low.
“Seems like most of the gains already in… Bitcoin is up 500% [since November of 2022]. I think it’s unlikely that Bitcoin would do another 500% from $100,000. That would take you to $500,000 or $600,000. So I’m not looking for any of those targets. I’m definitely now moving things to be a lot more conservative.”
Bitcoin is trading at $98,912 at time of writing.
Turning to Ethereum (ETH), Pizzino says that the second-largest crypto asset by market cap is only likely to go up by between 187% to 258% from the current level in “lucky” conditions.
“As long as it remains under here [$4,000 resistance level] for much much longer, I don’t think it’s going to get anything crazy. I don’t think we’re going to see any sort of like $12,000, $15,000, $20,000 ETH. I think that’s pretty much off the cards.
I think we’ll be lucky if we get into the high single digits here between sort of $8,000 and $10,000.”
Ethereum is trading at $2,790 at time of writing.
Next up is the native token of the layer-1 blockchain Sui (SUI). According to the crypto analyst and trader, Sui still has some “reasonable potential” and could rally by over 190% from the current level.
“Sui is one that seems to be shaping up relatively strong. It could go further down but it’s still above all the previous tops here at $2.20…
Maybe we do hit $10 and that takes us out to a 5x from these lows here at $2.4… over $10, you know, $12, maybe hit your 5x.”
Sui is trading at $2.95 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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