Crypto Analyst Predicts Q4 2023 Outlook for Bitcoin and S&P 500
Crypto analyst Jason Pizzino believes that both Bitcoin (BTC) and the S&P 500 (SPX) could experience a dip at the beginning of October before entering a bull market cycle. In a recent strategy session, Pizzino shares his thoughts with his YouTube subscribers, stating that the third quarter of 2023 and early fourth quarter might present great opportunities for dollar-cost averaging (DCA) in Bitcoin.
Possible Downside Scenarios
Pizzino acknowledges that there is still significant overhead resistance for both BTC and the S&P 500. He points out the $23,600 level as a crucial point of resistance for Bitcoin. He also suggests that October may bring lower prices due to historical trends in the S&P 500, which has seen lows during this month in the past.
Bitcoin’s Potential Path
Pizzino speculates that Bitcoin could have a positive September, followed by a quick move to around $23,630 in October, and then potentially close higher at around $28,518. However, he emphasizes that these are just possibilities and not certainties.
Key Price Levels to Watch
The trader is closely monitoring key price levels for Bitcoin to confirm whether it will enter a massive bull market cycle after October. He highlights $28,500 as a significant trigger for consolidation and testing higher levels such as $32,000. Other important levels include $42,000 and $48,200.
Current Market Status
At the time of writing, the S&P 500 stands at 4,288 points, while Bitcoin is trading at $27,522, down 1.5% in the last 24 hours.
Hot Take: Jason Pizzino’s Insights on Bitcoin and S&P 500
Crypto analyst Jason Pizzino provides his outlook for Bitcoin and the S&P 500 for Q4 2023. He suggests that both assets may experience a dip in October before entering a bull market cycle. Pizzino highlights key resistance levels to watch for Bitcoin and discusses potential price movements. However, it’s important to note that these predictions are speculative and not guaranteed. As always, it’s crucial to conduct your own research and exercise caution when making investment decisions in the crypto market.
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