Popular crypto trader Jason Pizzino says he believes that Bitcoin (BTC), the leading digital asset by market cap, has more room to fall.
In a new video update, Pizzino tells his 279,000 YouTube subscribers that based on historical precedence, previous bear markets have presented buying opportunities for traders that lasted between five and nine months.
Counting June as the first month of the current bear market, Pizzino says that Bitcoin has a “few more months” before it bottoms out.
“[In the past], you’ve had approximately five to nine months of buying opportunities. If we measure it from this first time here from June, it means we’re into [the] fifth, sixth month already. So there’s only potentially a few more months to go which also works over into quarter one, maybe March, being another bottom.
We [will] get a bit of a run up here [above $23,000], finally break the Bitcoin bear market and then come back and test the upper side of the bear market trend, and we start to work our way out of it over the course of the next stage of the cycle.
So lots of big things to happen, I would say December and Q1 of 2023 based on the historical cycles, based on the price already of the markets, basically the drawdowns and the support and resistance levels.”
On altcoins, Pizzino says that the prices of “weak” altcoins are likely to descend lower if Bitcoin rallies.
“Regarding the altcoins, if Bitcoin does get some strength on, the weak altcoins are definitely going to bleed. So for me, now is not the time to be investing in altcoins.”
Bitcoin is trading at $16,914 at time of writing, a 1.7% drop on the day and a 21% drop from its 30-day high of $21,417.
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