Extensively adopted crypto analyst Jason Pizzino thinks Bitcoin (BTC) might be pressured to endure an unexciting couple of months earlier than it flips bullish once more.
In a brand new YouTube video, Pizzino tells his 289,000 subscribers that BTC seems to be transferring alongside a “grinding backside” after its vital worth dip final week.
The analyst compares the present Bitcoin state of affairs to the market motion after the FTX-related crash final November. He thinks Bitcoin may keep in its present sample for a few months earlier than transferring up once more in November, December or the primary quarter of 2024.
Bitcoin is buying and selling at $26,476 at time of writing. The highest-ranked crypto asset market cap is up 2.5% up to now 24 hours however down practically 7% up to now seven days.
Pizzino says he’s in search of Bitcoin to bounce above $27,800 on the day by day chart to show power and sign a possible transfer upwards.
The analyst additionally says it’s unlikely that Bitcoin will drop additional to new market cycle lows.
“We’ve been up for about 33 weeks. There’s no time in historical past in a bear market the place Bitcoin has gone up for 33 weeks after which collapsed to new lows. Sure, it’s solely acquired 10 or 12 years of historical past. However that simply doesn’t occur.”
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