Crypto analyst Jason Pizzino says the Bitcoin (BTC) bull market is well underway despite the crypto king’s recent price stagnation.
In another strategy session, Pizzino tells According to his 290,000 YouTube subscribers, he thinks Bitcoin’s bull market cycle started forming around January and is still taking shape.
“This is the beginning of a bull market, just like it happened in the last cycle and the last cycle before that. The beginning is not always clear. They can’t be that obvious.
Once things become clear, that’s the end. Then retail is on the rise. Then everyone is excited to enter the market, because everyone sees the same thing.”
According to the trader, Bitcoin will confirm the bull market cycle more convincingly if it crosses the key USD 28,500 level.
“This market has barely spent any time below $25,000. I’m not saying it can’t last a while, but it’s been above this level of weekly closures for six months. Pretty good so far, but the bulls aren’t there yet. At the very least, they should see some closes starting above $26,550. So I’m trying not to toot my horn too much here.
There is still a lot to do for the bulls. I can start cheering when we get back above the white line here at $28,500. That’s pretty much one of the key levels where Bitcoin starts to consolidate above that and gets into those sustained higher lows and then try to break $32,000.”
Bitcoin is trading at $26,642 at the time of writing, up 0.4% in the past 24 hours.
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Generated image: Midjourney