A closely watched crypto strategist thinks Bitcoin (BTC) is likely to consolidate ahead of a massive breakout to end the year.
In a new strategy session, crypto analyst Jason Pizzino says tells According to his 330,000 YouTube subscribers, based on historical precedence, the crypto king could fall to a low of $44,000 and still end the year bullish.
“As we get to the end of the year, I think you’ll look back and wonder why people were arguing about price ranges between the low of $56,000 and the high 50% level of $44,000. Does it come to $44,000? Of course I have no idea if it will do that…
But what I think will happen is… This emotion will have left the market. It will reset and quickly decline or bounce back, and then we will have higher prices by the end of the year, and the downside is that it comes out to a correction of about 40%. Has this happened in the past? Yes, that has certainly happened in the past.”
The analyst predicts that a breakout will occur within the next six months based on historical patterns on the monthly chart, including in 2016.
“As it stands now, we have completed seven months of consolidation, with positive momentum, and are now into the fourth month of potential consolidation. And by the end of the year, I would be looking for some kind of breakout. So I just look back at history, study what I can do here, and then apply it in the future.”
Bitcoin is trading at $58,541 at the time of writing, down more than 2% in the past 24 hours.
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