Crypto Analyst Predicts Unexpected Bull Phase for Bitcoin
Crypto analyst Jason Pizzno believes that Bitcoin (BTC) could be preparing for an unexpected bull phase that extends into next year. Pizzno examines the average true range (ATR) indicator, which measures volatility within a specific timeframe.
Pizzno notes that it took approximately 1,030 days from the 2017 Bitcoin price peak to the start of the bull market breakout in 2021, coinciding with the top of the ATR. Based on this 1,030-day window, he suggests that March 2024 might mark the beginning of the next Bitcoin bull market breakout, although there may be some corrections along the way.
Pizzno predicts an “abnormal” upward impulse in Bitcoin’s price before encountering resistance at $42,000 and then surpassing that level later in 2024. He expects a quick run-up in price followed by a fadeout until the halving event, after which there will be more momentum leading into the second half of 2024.
Hot Take: Bitcoin Poised for Unexpected Bull Phase
Crypto analyst Jason Pizzno anticipates that Bitcoin is gearing up for an unanticipated bull phase that could extend into next year. Drawing on historical data and analyzing the average true range (ATR) indicator, Pizzno suggests that March 2024 could mark the beginning of the next Bitcoin bull market breakout. However, he also foresees some corrections along the way.
Pizzno predicts an abnormal upward movement in Bitcoin’s price before encountering resistance at $42,000 and ultimately breaking through that level in late 2024. He expects a rapid surge followed by a fadeout until the halving event, after which Bitcoin will gain more momentum leading into the second half of 2024.
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