An esteemed crypto strategist is of the opinion that Bitcoin’s current consolidation around $60,000 is paving the way for a significant breakthrough in the coming months.
During a recent strategy session, analyst Jason Pizzino, who boasts a following of 329,000 subscribers on YouTube, explains that Bitcoin has a tendency to bore people before embarking on a major upward movement.
Pizzino points out that BTC exhibited the same behavior at around the same time last year, before experiencing a nearly three-fold surge.
“This significant buildup will undoubtedly catch many people off guard. Just look at what happened when Bitcoin underwent a similar buildup for approximately seven months last time: from March to the breakout in October [2023].
A seven-month buildup resulted in a massive surge from $25,000 to $74,000. I’m not saying that the percentages will be exactly the same, but I anticipate a substantial movement that will drive the price significantly higher.
I can’t say for certain if it will follow the same trajectory as the previous cycle, which was a straight line. It could involve a substantial increase, followed by a pullback, and then another surge.”
Source: Jason Pizzino/YouTube
Pizzino also suggests that Bitcoin seems to be mimicking its bull market from 2016 to 2017.
During this period, the BTC bull market started off slow before eventually launching into a parabolic rally that resulted in a sustained upward trend for over a year.
Based on this observation, Pizzino believes that Bitcoin may be gearing up for substantial rallies in the months ahead.
“If a similar pattern emerges, it may not be an exact replica, but there could be a prolonged period of positive growth for three, four, or even five quarters.”
Source: Jason Pizzino/YouTube
At the time of writing, Bitcoin is trading at $62,824.
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