A closely followed crypto strategist believes Bitcoin (BTC) is finally carving a bottom after a six-month correction.
Analyst Jason Pizzino tells his 112,300 followers on the social media platform X that he’s keeping an eye on the Fear and Greed Index, which tracks crypto market sentiment over time.
Pizzino says that the index has been oscillating between extreme fear and neutral as of late, wiping out market exuberance and trader belief in the crypto bull cycle.
“This is how bottoms are formed over many weeks within a bull market. Bitcoin.”
In a video update, Pizzino believes it is only a matter of time before Bitcoin regains its bullish momentum as investors show an increasing appetite to pounce on risk assets such as equities.
“With the stock markets going to new all-time highs, the S&P [500] attempting to get back there probably in the next couple of months. Real estate prices [are] up and everything still moving to higher prices. I suspect Bitcoin is going to come back over quarter four.”
The trader also says he sees Bitcoin eventually printing fresh record prices.
“Bitcoin continues to climb quietly… Our time frame analysis still on track. New ATH (all-time high) around the corner.”
Pizzino goes on to note that some investors appear to be giving up on Bitcoin as BTC flashes a potential bullish reversal signal.
“It’s a typical sign to see people give up at higher lows.”
At time of writing, Bitcoin is trading for $60,173, a slight decrease on the day.
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