A closely watched crypto strategist believes that Bitcoin (BTC) has finally bottomed after a six-month correction.
Analyst Jason Pizzino tells his 112,300 followers on the social media platform
Pizzino says the index has been fluctuating between extreme fear and neutral lately, erasing market exuberance and traders’ faith in the crypto bull cycle.
“This is how bottoms are formed over many weeks within a bull market. Bitcoin.”
In a video update, Pizzino believes It’s only a matter of time before Bitcoin regains its bullish momentum as investors are increasingly willing to pile into risky assets like stocks.
“As stock markets reach new all-time highs, the S&P [500] will probably try to get back there in the next few months. Real estate prices [are] up and everything is still moving towards higher prices. I suspect Bitcoin will come back in the fourth quarter.”
The trader too say he sees Bitcoin eventually pushing new record prices.
“Bitcoin continues to rise quietly… Our time frame analysis is still on track. New ATH (all-time high) around the corner.”
Pizzino continues remark that some investors appear to be giving up on Bitcoin as BTC issues a potentially bullish reversal signal.
“It’s a typical sign that people give up at higher lows.”
At the time of writing, Bitcoin is trading at $60,173, down slightly on the day.
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Generated image: DALLE3
