Bitcoin’s Bull Market: Expect the Unexpected
A well-known cryptocurrency analyst suggests that Bitcoin (BTC) is currently operating in a bullish market phase despite its recent unremarkable price performance.
Jason Pizzino says that Bitcoin may have established a bear market bottom when it plummeted to $15,000 back in November of the prior year.
With this supposed cycle low in place, Pizzino contends that BTC’s increase to approximately $31,000 this year represents what’s known as a “disbelief rally.” This is typically regarded as the initial stage of a bull market, wherein market participants maintain a pessimistic outlook despite the emergence of an upward trend.
This analyst explains that everything appears to be following the usual pattern. The cycle low is now behind us, and the first phase of the bull market is firmly underway.
This is where it becomes intriguing because most people are still anticipating further downward movement, while there’s a consideration that this might be the disbelief rally that will surprise many.
People often fall into traps that are common in all markets, hoping for Bitcoin to drop below $20,000.
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While Pizzino is optimistic about Bitcoin in the long term, he acknowledges the potential for a substantial corrective decline, akin to what occurred in 2015 and 2020 when Bitcoin experienced a significant drop before embarking on a full-fledged bull market.
He goes on to explain that they’ve examined the possibility of a decline in October, followed by a rebound, whether it occurs later in October or in November, aiming to breach the monthly lows of around $24,000.
If they do breach that monthly low, it would be reminiscent of prior cycles, where the monthly swing bottom breaking has happened in previous cycles in 2015 and 2019-2020, and it might be aligning for a similar scenario in late 2023 or early 2024.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
