Widely followed crypto analyst Jason Pizzino thinks Bitcoin (BTC) could be forced to endure an unexciting couple of months before it flips bullish again.
In a new YouTube video, Pizzino tells his 289,000 subscribers that BTC appears to be moving along a “grinding bottom” after its significant price dip last week.
The analyst compares the current Bitcoin scenario to the market movement after the FTX-related crash last November. He thinks Bitcoin could stay in its current pattern for a couple of months before moving up again in November, December or the first quarter of 2024.
Bitcoin is trading at $26,476 at time of writing. The top-ranked crypto asset market cap is up 2.5% in the past 24 hours but down nearly 7% in the past seven days.
Pizzino says he’s looking for Bitcoin to bounce above $27,800 on the daily chart to display strength and signal a potential move upwards.
The analyst also says it’s unlikely that Bitcoin will drop further to new market cycle lows.
“We’ve been up for about 33 weeks. There’s no time in history in a bear market where Bitcoin has gone up for 33 weeks and then collapsed to new lows. Yes, it’s only got 10 or 12 years of history. But that just doesn’t happen.”
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney