A Crypto Strategist Believes Bitcoin Bull Market Has Begun
A popular crypto strategist, Jason Pizzino, suggests that Bitcoin (BTC) is already in a bull market, despite its recent lackluster performance. Pizzino explains in a video to his YouTube followers that the bear market bottom was likely reached in November 2022 when BTC dropped to $15,000.
Pizzino believes that the current surge to around $31,000 is the “disbelief rally,” which is typically the first stage of a bull market. He notes that many investors still expect further price declines and hope for Bitcoin to drop below $20,000.
Although Pizzino is optimistic about Bitcoin’s long-term prospects, he acknowledges the possibility of a significant corrective move similar to previous market cycles in 2015 and 2020. In these instances, Bitcoin experienced a sharp decline before entering a full-fledged bull market.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $26,849.
Hot Take: The First Stage of the Bull Market
According to crypto analyst Jason Pizzino, Bitcoin has entered the first stage of a bull market. Despite recent price stagnation, Pizzino believes that the bear market bottom was reached in November 2022 when Bitcoin dropped to $15,000. The current surge to around $31,000 is considered the “disbelief rally,” where many investors remain pessimistic despite the new uptrend. However, Pizzino cautions that Bitcoin may still experience a deep corrective move similar to past cycles before fully entering a sustained bull market. As of now, Bitcoin is trading at $26,849.
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