Here’s What’s in Store for Bitcoin (BTC) and the S&P 500 for Q4 2023, According to Crypto Analyst Jason Pizzino
Crypto analyst Jason Pizzino believes one scenario is likely to play out for both Bitcoin (BTC) and the S&P 500 (SPX) in the coming months.
In a new strategy session, Pizzino tells his 290,000 YouTube subscribers that both BTC and the S&P 500 could dip at the start of October before entering a bull market cycle.
“I’m thinking this period here, that quarter three of 2023, early quarter four, might be the next best opportunities for those [Bitcoin] DCAs (dollar-cost averaging)…
Now let’s just take a quick look at the downside, because it’s not all going to be straight up and roses from here because we’ve got a lot of overhead resistance. We still have a 50% level here, the macro level at $23,600, which is the cycle low to the current first range out.
In the short term, maybe October does push lower, because, like we’ve seen in the past from the S&P 500 that we do get some of these lows here. Sometimes we get October lows, sometimes we get March lows, which both happened this time around, and maybe the S&P just touches a little bit lower [at 4,110 points] for October and it starts to work its way higher over the course of quarter four and quarter one [2024].
For Bitcoin, maybe it does have this nice green September, a quick move to [$23,630] for October and then maybe a higher close [at $28,518]. That could also be a possibility there.”
The trader is keeping also a close watch on key price levels to the upside to determine if Bitcoin will confirm a massive bull market cycle after October.
“And then let’s see if the market can overcome those key levels to the upside. $28,500 is the real big trigger that I’m looking for here for consolidation so that we can start to test $32,000, which is the white line here. And that would then drop the probabilities of further downside moves past $25,000.
Now the last white lines to the upside are at 50%. That’s the $42,000 level, or $42,200 to be more precise, and then the monthly swing top at $48,200. So they’re going to be some pretty significant levels when this market does start to break out of $32,000 and of course throw in $35,000, throw in $38,000 and of course the psychological number of $40,000 for good measure.”
At time of writing, the S&P 500 is sitting at 4,288 points. Bitcoin is trading for $27,522 at time of writing, down 1.5% in the last 24 hours.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Here’s What’s in Store for Bitcoin (BTC) and the S&P 500 for Q4 2023, According to Crypto Analyst Jason Pizzino appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
