Widely followed crypto analyst Jason Pizzino thinks Bitcoin (BTC) could be forced to endure an unexciting couple of months before it flips bullish again.
In a new YouTube video, Pizzino tells his 289,000 subscribers that BTC appears to be moving along a “grinding bottom” after its significant price dip last week.
The analyst compares the current Bitcoin scenario to the market movement after the FTX-related crash last November. He thinks Bitcoin could stay in its current pattern for a couple of months before moving up again in November, December or the first quarter of 2024.
Bitcoin is trading at $26,476 at time of writing. The top-ranked crypto asset market cap is up 2.5% in the past 24 hours but down nearly 7% in the past seven days.
Pizzino says he’s looking for Bitcoin to bounce above $27,800 on the daily chart to display strength and signal a potential move upwards.
The analyst also says it’s unlikely that Bitcoin will drop further to new market cycle lows.
“We’ve been up for about 33 weeks. There’s no time in history in a bear market where Bitcoin has gone up for 33 weeks and then collapsed to new lows. Yes, it’s only got 10 or 12 years of history. But that just doesn’t happen.”
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Source: Daily HODL
Original Post: Analyst Forecasts ‘Grinding Bottom’ for Bitcoin As Extreme Fear Grips The Market – Here’s His Outlook