A Crypto Analyst Believes Bitcoin Won’t Plummet to Previous Lows
A well-known crypto analyst named Jason Pizzino suggests that Bitcoin (BTC) is unlikely to revisit its previous cycle lows. Pizzino, who has a large following on YouTube, explains that based on Bitcoin’s four-year cycle history, the leading cryptocurrency will probably maintain its key support levels and enter a new bull market.
Pizzino also points out that the current strength of the S&P 500 shows similarities to past Bitcoin cycles. He predicts that the S&P 500 will reach new all-time highs in the coming months.
The four-year cycle of Bitcoin is based on its halving event, which occurs every four years and reduces the rewards given to BTC miners.
Pizzino states that it is highly likely that Bitcoin will not drop below $15,500 or even the March low at $19,500. He highlights the strength of both Bitcoin and the S&P 500, noting that historically, the S&P 500 reaches a new all-time high before Bitcoin does during accumulation years.
Pizzino expects the S&P 500 to hit a new all-time high in early 2024 and possibly another one by January 2025. He believes these milestones could coincide with the next Bitcoin bull market.
As of now, Bitcoin is trading at $28,310.
Hot Take: Bitcoin’s Future Looks Promising
Crypto analyst Jason Pizzino believes that Bitcoin’s recent performance indicates that it is unlikely to experience a significant drop to its previous lows. He bases this prediction on Bitcoin’s four-year cycle history and the strength of the S&P 500. Pizzino expects the S&P 500 to reach new all-time highs in the near future, which historically precedes Bitcoin’s own all-time highs. This correlation suggests that Bitcoin is poised for a new bull market. With these factors in mind, Pizzino remains optimistic about Bitcoin’s future prospects.
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