Prominent crypto analyst Jason Pizzino envisions a potentially uneventful period ahead for Bitcoin (BTC) before its bullish resurgence, according to his latest insights.
In a recent YouTube video reaching his extensive base of 289,000 subscribers, Pizzino asserts that BTC seems to be tracing a trajectory of a “grinding bottom” subsequent to its significant price downturn last week.
Drawing parallels, the analyst draws a comparison between the current state of Bitcoin and the market’s recuperation following the FTX-related crash in the prior November. He speculates that Bitcoin could sustain its prevailing trend for the next couple of months before embarking on an upward trajectory once more, potentially around November, December, or the initial quarter of 2024.
As of the time of writing, Bitcoin is valued at $26,476. The leading cryptocurrency by market capitalization has recorded a 2.5% increase within the last 24 hours, albeit experiencing a nearly 7% decline over the past seven days.
Pizzino emphasizes that he’s keeping a watchful eye on Bitcoin’s ascent beyond the $27,800 mark on the daily chart, as this achievement would signify robustness and hint at a possible upward advancement.
In a reassurance against further declines to new lows within the ongoing market cycle, the analyst conveys, “Considering the 33-week duration of our current upward trend, history hasn’t shown any instance where Bitcoin, during a bear market, rallied for 33 weeks and then plummeted to unprecedented lows. While it has only amassed a decade or so of historical data, such a scenario remains unprecedented.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.