Digital asset analyst Jason Pizzino is unveiling when he thinks the current bull cycle for Bitcoin and the rest of the crypto markets will come to a close.
Pizzino tells his 217,000 YouTube subscribers that Bitcoin dominance and market sentiment are important factors in predicting when a bull phase is about to end. Bitcoin dominance tracks the value of Bitcoin relative to the market cap of all other crypto assets.
According to the crypto analyst, based on history, money flows into Bitcoin during a bull market thereby increasing Bitcoin’s market share in the cryptocurrency market.
Pizzino also says the crypto market could currently be in one of the final phases of Bitcoin increasing its market share before altcoins (alts) rally for the last time this cycle.
“So if we’re repeating something similar to history at the moment, maybe we are on one of these last stages of Bitcoin regaining some dominance before the money flows back out into alts. And people get that one last hit of euphoria and adrenaline while their money goes up.
So what can we take away from this to understand when will the Bitcoin and cryptocurrency bull market end? Well, the main thing we look at here is when we get these turning points – when the market starts to slow and then reverse back the other way.
This is the time when the money is flowing back into Bitcoin and then as you can see for a shorter period of time comes back into alts because people think ‘Well, maybe it’s time for the alts to play again.’ But it gets a higher bottom in this case, and then it’s back into Bitcoin. So it looks like the alt party is over.
And we’re sort of getting that at the moment. So we can see we’ve got two bottoms – a little double bottom here and the money is flowing out into Bitcoin, but there are still some old coins popping off within this period. It’s just not spread across the entire space.”
Pizzino says that when favorable news barely pushes prices up, it’s an indication that the market has turned bearish.
“At the moment, that’s kind of what Bitcoin has been going through because a lot of the bad news isn’t really affecting it too bad. We are still getting higher lows and the market continues up and on the flip side, the good news is still pushing the market up.
If and when we flip into a bear market, it’ll be the reverse. The good news will just hold the market up. It won’t actually push it up too much, and the bad news will continue to dump the market even harder.”
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Featured Image: Shutterstock/Malchev
