‘Abnormal’ Move Coming for Bitcoin as One Indicator Forms Setup, According to Crypto Analyst Jason Pizzino
Crypto analyst Jason Pizzno says that Bitcoin (BTC) could be gearing up for an unexpected bull phase that carries on into next year.
In a new strategy session, Pizzino takes a look at the average true range (ATR) indicator, which measures volatility within a given time period.
Pizzino points out that about 1,030 days passed between the 2017 Bitcoin price top and the beginning of the bull market breakout in 2021, which also coincided with the top of the ATR.
Using that 1,030-day window, the analyst suggests that March of 2024 could be the beginning of the next Bitcoin bull market breakout, albeit with some corrections along the way.
“It takes us out to March of next year. So we’ve talked about March multiple times, especially that April-May period, because that’s quarter two or quarter three of 2024. I think this is all sort of building up to something interesting at that particular time. That’s from the top of the average true range to when it starts to break out again and seal the deal, and break through those highs. Right now it looks like we’re trying to attempt some highs.
So I don’t think this is the absolute run to new all-time highs. I think there’s still a possibility that we come up and test and start to fade out again into that time period of next year.”
Pizzino predicts an “abnormal” impulse to the upside before finding resistance at the $42,000 level and then breaking through the key level in the latter part of next year.
“I think that’s what the market is basically putting on now. So if we do get a quick run up to the upside, if it’s quick, it’s going to be an abnormal move compared to what we’ve seen since June of 2022, so if you do the math, it’s sort of 17 months or so, so that would probably be met with a bit of a fadeout until the halving and then you start to see some more windup, some more grind, and then the move again into that second half of 2024.”
At time of writing, Bitcoin is worth $34,938.
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Author: Alex Richardson
