Bitcoin could be following a similar market structure to 2019, where it consolidated for several months before experiencing a parabolic surge, according to popular crypto analyst Jason Pizzino. In a recent video, Pizzino, who has a substantial following on YouTube, suggests that Bitcoin’s current rally to new all-time highs resembles its price action in 2019. Back then, Bitcoin saw a 4X increase before entering a six-month consolidation period. Pizzino believes that Bitcoin’s recent move from $25,000 to $74,000 could lead to a similar consolidation phase before the next bullish cycle begins.
Pizzino highlights the importance of monitoring key price levels to determine Bitcoin’s likely trajectory in the short term. If Bitcoin faces rejection around the $67,000 to $69,000 range, which was the previous all-time high, Pizzino expects a downward movement that could consolidate the price between $50,000 and $70,000. However, if Bitcoin experiences a rejection at $69,000, it could potentially break through the $60,000 support level and fall to around $58,530.
As of now, Bitcoin is trading at $63,200, showing a decrease of over 3% in the past 24 hours.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. Transfers and trades in the crypto market are subject to individual risk, and any losses incurred are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of cryptocurrencies and is not an investment advisor.
