Renowned cryptocurrency expert and trader, Jason Pizzino, shares his insights on the future direction of the digital asset market. Speaking to his extensive following of 328,000 subscribers on YouTube, Pizzino highlights the significance of the Average True Range indicator in predicting potential movements for Bitcoin (BTC) and other cryptocurrencies. The ATR is a key tool used to gauge the volatility of an asset, with higher values indicating greater volatility and lower values indicating less volatility.
Pizzino notes that Bitcoin recently experienced a period of relatively narrow price movement, suggesting a possible bullish trend on the horizon. Referring to the recent $500 range day on the weekend, Pizzino explains that such periods are often followed by significant upward movements in price.
Despite the recent consolidation, Pizzino remains optimistic about Bitcoin’s prospects, stating that the cryptocurrency is poised for its next major advance but may need to consolidate further above the $72,000 mark before surpassing its previous all-time high of $73,800.
At the time of writing, Bitcoin is trading at $70,984. Shifting focus to altcoins, Pizzino observes that the combined market cap of these alternative cryptocurrencies is showing signs of a potential breakout, similar to previous periods of price growth. He anticipates that stronger altcoins will lead the way in this rally, emphasizing the importance of monitoring average true ranges for identifying potential investment opportunities.
For the latest updates on cryptocurrency trends and developments, subscribe to Jason Pizzino’s YouTube channel. Remember to conduct thorough research before engaging in high-risk investments in Bitcoin or other digital assets, as trading carries inherent risks. The Daily Hodl does not provide investment advice and encourages readers to exercise caution when trading cryptocurrencies.
