Closely followed crypto analyst Jason Pizzino lays out a timeline for when Bitcoin (BTC) could see its next all-time high above the $69,000 level.
In a new strategy session, Pizzino tells his 292,000 YouTube subscribers that Bitcoin has historically entered its own bear markets and accumulation phases after the S&P 500 peaked.
With the S&P500 well below its all-time high and possibly consolidating between 4,400 and 3,700 points, Pizzino says the S&P could recover to new highs sometime in the next eleven months, sending Bitcoin up along with it.
He estimates that the S&P500 will have already reached new highs by September 2024 and that Bitcoin may retarget the $70,000 level.
“On each of these occasions, the S&P500 has hit a new all-time high, while Bitcoin has been below its own all-time high. We are still below all-time highs, and we still have about eleven months to go until the end of this accumulation – with a month or two on either side, of course. These are macro cycles and we need to have some tolerance for the numbers themselves, but roughly speaking we are probably about halfway through that accumulation period or at least have half the time to go before Bitcoin breaks out of its previous record. high of $69,000.
With that in mind, we can then start throwing out some numbers or some dates. We’re looking at about 11 months from now. It takes us to September 2024, so possibly sometime in the second half of 2024, Bitcoin will break above $60,000 or $70,000.”
At the time of writing, Bitcoin is trading at $34,318.
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