First Stage of Bitcoin Bull Market ‘Well and Truly Underway,’ Says Analyst Jason Pizzino – But There’s a Catch

A broadly adopted crypto strategist believes that Bitcoin (BTC) is already buying and selling in bull market territory regardless of its lackluster value motion as of late.

In a brand new video, analyst Jason Pizzino tells his 290,000 YouTube subscribers that Bitcoin seemingly printed a bear market backside when it dropped all the best way right down to $15,000 in November of final 12 months.

With the cycle backside in place, Pizzino says that BTC’s surge to round $31,000 this 12 months is probably going the disbelief rally, which is usually thought-about the primary stage of a bull market the place market members stay pessimistic regardless of the delivery of a brand new uptrend.

“So all the pieces appears fairly effectively on observe within the sense that the cycles are taking part in out as per typical. The cycle low is in. The primary stage of the bull market is effectively and actually underway, and that is just about the place issues get just a little bit attention-grabbing as a result of the lots are nonetheless pondering of additional collapse to the draw back, whereas we’re taking a look at this doubtlessly being the disbelief rally which is able to then catch folks out once more.

They get suckered into traps which occur on all markets, they usually’re all hoping for sub-$20,000 Bitcoin.”

Though Pizzino is long-term bullish on Bitcoin, he says that it’s nonetheless doable for BTC to witness a deep corrective transfer just like what occurred in 2015 and 2020 when the crypto king took a nosedive earlier than beginning a full-blown bull market.

“We checked out the opportunity of a drop for October, after which a bounce again whether or not it’s later October, whether or not it’s in November, simply to interrupt these month-to-month bottoms (round $24,000) after which doubtlessly come again…

However nonetheless, if we do get a break of that month-to-month, then that’s going to be similar to what’s occurred within the earlier cycles the place you see the month-to-month swing backside break. We’ve seen the month-to-month swing backside break once more on the earlier cycles, 2015 and 2019-2020, and doubtlessly we’re lining up for that now in late 2023, possibly in early 2024.” 

At time of writing, Bitcoin is buying and selling for $26,849.

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