Crypto Analyst Predicts Bitcoin’s Next All-Time High
Crypto analyst Jason Pizzino has provided a timeline for when Bitcoin (BTC) could reach its next all-time high above $69,000. Pizzino notes that historically, Bitcoin has entered bear markets and accumulation phases after the S&P 500 has peaked. With the S&P 500 currently below its all-time high and potentially consolidating between 4,400 and 3,700, Pizzino believes that within the next eleven months, the S&P may recover to new highs, causing Bitcoin to follow suit. Pizzino estimates that by September 2024, the S&P 500 will have already made new highs, and Bitcoin may be targeting $70,000 once again.
Bitcoin’s Accumulation Period
Pizzino explains that historically, the S&P 500 has reached new all-time highs while Bitcoin remains below its own all-time high. He suggests that there are approximately 11 months remaining in the current accumulation period before Bitcoin breaks out of its previous all-time high of $69,000. Based on this timeframe, he predicts that sometime in the second half of 2024, Bitcoin will surpass $60,000 or $70,000.
Current Bitcoin Price
As of now, Bitcoin is trading at $34,318.
Hot Take: Analyst Predicts Bitcoin’s Future
Crypto analyst Jason Pizzino suggests that Bitcoin could reach new all-time highs above $69,000 by the second half of 2024. Based on historical patterns and the correlation between the S&P 500 and Bitcoin, Pizzino believes that the S&P’s recovery to new highs within the next eleven months will also drive Bitcoin’s price up. While there may be variations in the timeline, Pizzino estimates that the current accumulation period will last around 11 months. This prediction offers hope to Bitcoin investors who are eagerly awaiting another surge in price.
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