Crypto analyst Jason Pizzino is predicting that Bitcoin (BTC) will go on an explosive rally after it breaks through one key resistance level.
In a new strategy session, Pizzino tells his 307,000 YouTube subscribers that he believes Bitcoin is only going to soar once it flips the cycle high of $49,000 into support.
“The second half of 2024 is when things get a little clearer… We’ve got that top in at $49,000. So it might be a little while until we break through that top for BTC. But once we do, the S&P 500, NASDAQ, real estate, Bitcoin, cryptos, we’re going to go ballistic, I think, from the second half of 2024 leading into 2025. And then we really need to get serious about where we start to take profits.”
He warns that Bitcoin could decline further from its current value if when bouncing back up past the $40,000 level it faces rejection at two key prior support levels.
“It looks like Bitcoin is trying to find a base here somewhere around the mid-to-high $30,000s…
Maybe we sit under $40,000 for several weeks as we lead into that halving…
If you see any rejections from roughly $41,000 or $44,000 that could be further downside.”
The trader suggests that even if Bitcoin doesn’t decline much further the crypto king could trade sideways until March based on the length of prior corrections during the current cycle, which lasted about 60 days compared to the current 12-day correction so far.
“Now in terms of the downside, we have done 12 days and 21.6% to the downside. You guys might recall the previous pullbacks from that top [on July 13th, 2023] to the September low, 21.8%. But it took 60 days in that case, and also the rally up in April out of the banking crisis another 62 days down and roughly 20.3% to the downside. So we’ve done the same correction that the market has done the entire way up but in a very short period of time.
That is why if this is the final correction, if that is the lowest point that Bitcoin goes, $38,500, we may still need a little more time at these levels to catch up, play out something similar that’s happened [the two prior corrections]. That would then line us up to somewhere in around March just before the halving and potentially we see the market rise from there.”
Bitcoin is trading for $39,949 at time of writing, up slightly in the last 24 hours.
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