In a recent analysis session, crypto expert Jason Pizzino, known for his significant following on YouTube, suggests that Bitcoin (BTC) is currently in a consolidation phase, likely gearing up for a substantial breakthrough before the year concludes.
Pizzino, addressing his audience of 330,000 subscribers, points out that Bitcoin could potentially dip to $44,000, yet still maintain a bullish trajectory by year-end, drawing parallels from historical data. Reflecting on possible price skirmishes between the $56,000 mark and the critical 50% level at $44,000, he anticipates a scenario where market volatility subsides, paving the way for a resurgence in Bitcoin’s value. He emphasizes that while a drop to $44,000 is uncertain, such corrections have occurred in previous market cycles.
Highlighting insights from his technical analysis, Pizzino predicts an imminent breakout in the coming months, drawing comparisons with patterns observed on the monthly charts dating back to 2016. He notes a current phase of consolidation spanning seven months, followed by a recent upward spike and now entering a potential four-month stabilization period. Based on this historical context, he anticipates a breakout towards the end of the year, underscoring his method of blending past data with future projections.
As of the latest update, Bitcoin is trading at $58,541, showing a minor decline of over 2% within the past 24 hours.
Source: Jason Pizzino/YouTube
