A closely watched crypto analyst believes that Bitcoin (BTC) is on the cusp of a massive bullish reversal that will bring the current cycle to an end next year.
In a new video update, crypto strategist Jason Pizzino tells Its 331,000 YouTube subscribers indicate that Bitcoin is signaling a breakout from a downtrend on the monthly chart.
‘I’m now looking at the monthly figures. In the next half of this month, in July, if Bitcoin is able to close above the open, the open is $62,700, July will turn green, and you’ll see some of that previous resistance possibly become support, and possibly get a nice reversal bar on a monthly candle or bar…
If you get a nice reversal there in the next 16.17 days, it will be another strong sign that $53,500 was most likely a low for this particular correction. So that leads to the next phase of the cycle.”
The analyst then uses the Elliott Wave theory, which depicts price movements in a series of waves, based on the psychology of the crowd, on the total crypto market capitalization. According to the theory, price impulses to the upside happen in five main waves, with the fourth wave acting as a corrective wave and the fifth wave reaching the top of the pattern.
The analyst shares a chart suggesting that the fifth wave will take crypto’s total market cap to a cycle top of over $4.4 trillion by April 2025.
“Looking at that fifth wave… looking at the Elliott wave here and the fourth wave potentially coming to an end with that low about 10 days ago.”
Bitcoin is trading at $64,744 at the time of writing, up 4.63% in the past 24 hours.
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Generated image: Midjourney