A closely followed crypto strategist thinks that Bitcoin (BTC) is likely consolidating ahead of a massive breakout to end the year.
In a new strategy session, crypto analyst Jason Pizzino tells his 330,000 YouTube subscribers that based on historical precedence, the crypto king could dip to as low as $44,000 and still end the year bullish.
“When we get to the end of the year, I think you’ll look back and just wonder why people were fighting over price ranges between around the low of $56,000 and the major 50% level of $44,000. Does it get to $44,000? Of course, I have no flipping idea whether it’s going to do that…
But what I think will happen is… This emotion will have left the market. It will reset and will either grind out or bounce back quickly, and then we’ll be at higher prices by the end of the year, and to the downside that brings it out at about a 40% correction. Has this happened in the past? Yes, it definitely has happened in the past.”
The analyst predicts a breakout will occur within the next six months based on historical patterns on the monthly chart, including in 2016.
“So as it sits, we’ve done a seven month consolidation, pumped to the upside, and we are now into our fourth month of potential consolidation. And towards the end of the year, I would look to some sort of breakout. So I’m just looking back at history, studying what I can here, and then applying it moving forward.”
Bitcoin is trading for $58,541 at time of writing, down more than 2% in the last 24 hours.
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