A widely followed crypto strategist believes that Bitcoin (BTC) is already trading in bull market territory despite its lackluster price action as of late.
In a new video, analyst Jason Pizzino tells his 290,000 YouTube subscribers that Bitcoin likely printed a bear market bottom when it dropped all the way down to $15,000 in November of last year.
With the cycle bottom in place, Pizzino says that BTC’s surge to around $31,000 this year is likely the disbelief rally, which is typically considered the first stage of a bull market where market participants remain pessimistic despite the birth of a new uptrend.
“So everything seems pretty well on track in the sense that the cycles are playing out as per usual. The cycle low is in. The first stage of the bull market is well and truly underway, and this is pretty much where things get a little bit interesting because the masses are still thinking of further collapse to the downside, whereas we’re looking at this potentially being the disbelief rally which will then catch people out again.
They get suckered into traps which happen on all markets, and they’re all hoping for sub-$20,000 Bitcoin.”
Although Pizzino is long-term bullish on Bitcoin, he says that it is still possible for BTC to witness a deep corrective move similar to what happened in 2015 and 2020 when the crypto king took a nosedive before starting a full-blown bull market.
“We looked at the possibility of a drop for October, and then a bounce back whether it’s later October, whether it’s in November, just to break those monthly bottoms (around $24,000) and then potentially come back…
But nonetheless, if we do get a break of that monthly, then that’s going to be very similar to what’s happened in the previous cycles where you see the monthly swing bottom break. We’ve seen the monthly swing bottom break again on the previous cycles, 2015 and 2019-2020, and potentially we’re lining up for that now in late 2023, maybe in early 2024.”
At time of writing, Bitcoin is trading for $26,849.
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