Crypto Analyst Predicts Bull Run on the Horizon
Crypto analyst Jason Pizzino believes that the cryptocurrency market is gearing up for a bull run. In a recent YouTube video, Pizzino stated that the market is displaying strength and potential for growth, similar to previous cycles. He emphasized that while the beginning of a bull market may not always be clear, once it becomes evident and retail investors start to jump in, it signifies the end of the early stages.
Bitcoin Must Surpass $28,500 for Bull Market Confirmation
Pizzino argued that Bitcoin’s confirmation of a bull market cycle would be more convincing if it surpasses the critical level of $28,500. He noted that Bitcoin has spent minimal time below $25,000 and has maintained its position above this level for the past six months. However, he stressed that bulls still need to see consistent weekly closes above $26,550 to gain further momentum.
Crypto Traders Anticipate FOMC Rate Rise Decision
Pizzino’s analysis coincides with crypto traders eagerly awaiting the upcoming macroeconomic event from the US Federal Reserve. On September 20, the Federal Open Market Committee (FOMC) will decide benchmark interest rates, with expectations leaning towards no change. The CME FedWatch Tool indicates a 97% probability of a pause after data showed a 0.6% rise in the consumer price index in August.
Traders predict that FOMC decisions will introduce some volatility, but Bitcoin is likely to trade within the range of $25k – $27k in the short-term. Crypto Tony, another trader, highlighted two potential scenarios with $26,000 acting as support. He expressed his intention to trigger a long position if there is a dip to $26,100 or if Bitcoin reclaims the $26,600 high.
Hot Take: Bullish Sentiment Grows as Crypto Market Shows Strength
The cryptocurrency market is garnering increasing bullish sentiment as analysts like Jason Pizzino predict a potential bull run. With similarities to previous market cycles, Pizzino believes that the current strength and growth potential indicate the beginning of a new bull market. However, confirmation would be more convincing if Bitcoin surpasses the crucial level of $28,500. Meanwhile, crypto traders eagerly await the Federal Reserve’s decision on interest rates, with expectations leaning towards no change. Despite possible volatility, Bitcoin is expected to trade within the range of $25k – $27k in the short-term.
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