Popular crypto analyst and trader Jason Pizzino sees signs that Bitcoin (BTC) is currently in an accumulation stage.
Pizzino tells his 279,000 YouTube subscribers that, based on the market-value-to-realized-value (MVRV) ratio, Bitcoin may only have a few months left in the late-stage bear accumulation zone.
“We may only have five months left of Bitcoin being underneath this [MVRV accumulation] zone which in the past has called for some pretty good buy opportunities before the market starts to accumulate at higher prices, like it did in 2015 and again in 2019 and 2020 and then go on to those next bull markets.”
MVRV values of below one suggest severe market capitulation and that accumulation is underway. Bitcoin’s MVRV ratio is currently below 0.85 at time of writing.
On whether Bitcoin is likely to fall below the 2022 low of about $15,600, the crypto analyst and trader says,
“It can be easy for many investors to be left behind because they’re expecting lower and lower prices. But a lot of the data is showing that if we haven’t hit that exact price bottom on Bitcoin, we’re probably somewhere around it.”
According to Pizzino, Bitcoin could bottom out between the $13,000 to $14,000 price if resistance at the $18,500 level is strong.
“We want to see whether Bitcoin is going to test those upper prices, first hit that $18,500, that’s going to be a key level. I think if we break that then we’ll probably put in a higher low around that March-April period.
But if we don’t, if we’re unable to get past that $18,500, then we’ll probably put in some sort of lower low.
How far down? That is anyone’s guess. But if we’re using some of the probabilities and looking back on the chart, looking at history, then we would have to say that it’s going to be somewhere around that $13,000 to $14,000, which has held the market up in the past.”
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