Bitcoin Could Experience an Unexciting Period Before Turning Bullish, Says Analyst
Crypto analyst Jason Pizzino believes that Bitcoin may go through a period of stagnation before it starts to show bullish signs again. In a recent YouTube video, Pizzino notes that Bitcoin is currently in a “grinding bottom” phase following a significant price drop. He draws parallels to the market movement after the FTX crash in November, suggesting that Bitcoin could remain in this pattern for a few months before experiencing an upward trend in late 2021 or early 2022.
Key points:
– Bitcoin is currently trading at $26,476, experiencing a 2.5% increase in the past 24 hours but a 7% decrease in the past week.
– Pizzino is looking for Bitcoin to surpass $27,800 on the daily chart as a signal of strength and a potential upward move.
– The analyst believes it’s unlikely for Bitcoin to drop to new market cycle lows, citing its historical trend of not collapsing after an extended period of growth.
– Pizzino emphasizes that Bitcoin has never gone up for 33 weeks in a bear market and then experienced new lows.
In conclusion, Pizzino anticipates a period of consolidation for Bitcoin before it resumes its bullish trajectory. He advises crypto readers to keep an eye on Bitcoin’s price action and look for signs of strength above $27,800. Despite the current market fear, Pizzino remains optimistic about Bitcoin’s long-term prospects.
Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy’s insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding.