A closely followed crypto analyst believes Bitcoin (BTC) is on the verge of a massive bullish reversal that will bring the current cycle to an end next year.
In a new video update, crypto strategist Jason Pizzino tells his 331,000 YouTube subscribers that Bitcoin is signaling a breakout from a downward trend on the monthly chart.
[adinserter block="1"]“I’m looking at the monthly now. If Bitcoin over the next half of this month, in July, if Bitcoin’s able to close above the open, the open is at $62,700, that is going to turn July green, and you’re going to see some of that previous resistance potentially become support, and possibly get a nice reversal bar happening on a monthly candle or bar…
If you get a nice reversal there over the coming 16,17 days that is going to be another strong sign that $53,500 was most likely a low for this particular correction. So that leads on to the next stage of the cycle.”
Next up, the analyst uses Elliott Wave theory, which depicts price movement in a series of waves based on crowd psychology, on the total crypto market cap. Under the theory, price impulses to the upside happen in five main waves with the fourth wave acting as a corrective wave and the fifth wave achieving the top of the pattern.
The analyst shares a chart suggesting that the fifth wave will take the total market cap of crypto to a cycle top of more than $4.4 trillion by April 2025.
“Looking at that fifth wave… looking at Elliott wave here and the fourth wave potentially coming to an end with that low about 10 days ago.”
Bitcoin is trading for $64,744 at time of writing, up 4.63% in the last 24 hours.
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