A widely followed crypto analyst says the odds are looking good that Bitcoin (BTC) will not revisit its prior cycle lows.
In a new strategy session, crypto trader Jason Pizzino tells his 290,000 YouTube subscribers that based on Bitcoin’s four-year cycle history, the king crypto will likely hold its key support levels and head into a new bull market.
He also says that the current strength of the S&P 500 is showing similarities to past BTC cycles, and predicts the SPX will soon hit new all-time highs within months.
The four-year cycle is based on Bitcoin’s halving event when rewards issued to BTC miners are cut in half every four years.
“The main thing is it is almost guaranteed that $15,500 is not going to break. And potentially we won’t see closes under the March low either, which is at $19,500, something that I’ve talked about for a long time on the channel now.
So you can basically call it roughly seven months when that low came in. It looked relatively strong, and it has looked very strong for the S&P 500 in the traditional markets, which is something else that we look at for our four-year cycle.
Within the four-year cycle, the main thing I want to bring up here is the S&P typically breaks to a new all-time high before Bitcoin breaks to a new all-time high. And we’ve seen that in the previous accumulation years.”
The trader says the S&P 500 will likely hit a new all-time high in early 2024 and possibly another one by about January 2025.
“I think we’ll at least see one new all-time high, maybe a pullback, and then the next one, possibly on the verge of the next Bitcoin bull market as well.
So that’s going to be another key signal for the markets as we continue to watch what happens in the stock markets, as the bull market continues on for the stock market as well.”
Bitcoin is trading for $28,310 at time of writing.
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