A widely followed crypto strategist believes that Bitcoin’s (BTC) consolidation in the past few months looks similar to a price pattern that foreshadowed last year’s parabolic surge.
In a new strategy session, analyst Jason Pizzino tells his 330,00 YouTube subscribers that Bitcoin’s consolidation since March is reminiscent of its price action last year when BTC witnessed mostly sideways price action for six months before igniting a 3X ascent.
“This is looking pretty similar to the previous move in 2023. You’ve got about six months in this range before it absolutely pumped out of that zone.”
Pizzino also says that the upcoming US presidential election is making him bullish on BTC. According to the analyst, Bitcoin witnessed a big breakout in November 2020 – the month when Americans voted to install Joe Biden as their president.
“I’m also wary of the election coming up, so I don’t know how this is going to respond at that election time whether it’s going to need another month or so to get above [its all-time high] due to the election happening in November and then we see the breakout like we saw in 2020.
You got the October move, breaking out of the tops. But then in November after the election, that’s when it started to test the old all-time high.
So either way, I think we’re going to see some fireworks in quarter four. But quarter three is this period now where it’s recuperating and getting time to break to this new fresh price…
Similar sort of pattern to last time – maybe we get another big pump out. It’s happened before.”
At time of writing, Bitcoin is trading for $56,985, up nearly 2% on the day.
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