A widely followed crypto analyst says the odds look good that Bitcoin (BTC) will not hit its previous cycle lows again.
In a new strategy session, crypto trader Jason Pizzino tells According to its 290,000 YouTube subscribers, based on Bitcoin’s four-year cycle history, the king crypto is likely to hold its key support levels and head into a new bull market.
He also says that the current strength of the S&P 500 shows similarities to previous BTC cycles, and predicts that the SPX will soon reach new all-time highs within months.
The four-year cycle is based on Bitcoin halving, with rewards for BTC miners halving every four years.
“The most important thing is that it is almost guaranteed that the $15,500 will not break. And we may also not see any closes below the March low of $19,500, which is something I’ve been talking about on the channel for a long time.
So you can roughly call it seven months when that low point occurred. It looked relatively strong, and it looked very strong for the S&P 500 in the traditional markets, which is another thing we’re looking at for our four-year cycle.
The main thing I want to point out here within the four-year cycle is that the S&P typically breaks to a new all-time high before Bitcoin breaks to a new all-time high. And we have seen that in recent accumulation years.”
The trader says the S&P 500 will likely hit a new all-time high in early 2024, and possibly another high around January 2025.
“I think we’ll see at least one new all-time high, maybe a pullback, and then the next one, possibly also on the brink of the next Bitcoin bull market.
So that’s going to be another important signal for the markets as we continue to watch what’s happening in the stock markets as the bull market continues in the stock market as well.”
Bitcoin is trading at $28,310 at the time of writing.
Generated image: Midjourney
I