Navigating Market Fear: Analyst Envisions Bitcoin’s Steadfast Trajectory
Prominent crypto analyst Jason Pizzino suggests that Bitcoin (BTC) might be in for a relatively uneventful period before regaining its bullish momentum.
In a recent video on his YouTube channel, which boasts a substantial subscriber count of 289,000, Pizzino discusses how BTC seems to be tracing a steady “grinding bottom” pattern following a notable price drop the previous week.
Drawing parallels, Pizzino likens the current state of Bitcoin to its behavior after the crash associated with FTX around November of the preceding year.
He speculates that Bitcoin could remain within this existing pattern for a couple of months before a potential upward shift, potentially in November or December or even as far out as the initial quarter of 2024.
As of the time of writing, Bitcoin holds a value of $26,476. Over the past 24 hours, the cryptocurrency with the highest market cap has shown a modest increase of 2.5%, although it has encountered a decline of nearly 7% over the last seven days.
READ MORE: Dogecoin Investor Turns $3 Million to $50K
Pizzino puts forth the notion that Bitcoin’s strength and a possible indication of an upward trajectory could be signaled if it manages to surpass the $27,800 mark on the daily chart.
The analyst also believes that it’s improbable for Bitcoin to experience further drops to unprecedented lows within this particular market cycle.
“With approximately 33 weeks of an upward trend, there is no historical precedent, even considering Bitcoin’s relatively brief 10 to 12-year history, where the cryptocurrency has surged for 33 consecutive weeks only to subsequently plummet to uncharted depths. Such a scenario hasn’t occurred.”