A widely followed crypto strategist believes that Bitcoin (BTC) is already trading in bull market territory, despite lackluster price action lately.
In a new video, analyst Jason Pizzino tells his 290,000 YouTube subscribers that Bitcoin likely pushed a bear market bottom when it fell all the way to $15,000 last November.
With the cycle bottom in place, Pizzino says BTC’s rise to around $31,000 this year is likely the disbelief rally, typically considered the first phase of a bull market in which market participants remain pessimistic despite the birth of a new uptrend.
“So everything seems to be on track quite well, in the sense that the cycles are playing out as usual. The low point of the cycle has arrived. The first phase of the bull market has well and truly begun, and this is when things start to get a bit interesting as the masses are still thinking of a further collapse downwards.here we look at this potential as the rally of disbelief that will then catch people out.
They are being sucked into traps common to all markets, and they are all hoping for less than $20,000 Bitcoin.”
While Pizzino is bullish on Bitcoin in the long term, he says it is still possible for BTC to witness a deep corrective move, similar to what happened in 2015 and 2020 when the crypto king took a nosedive before becoming a full-fledged bull market started.
“We’ve been looking at the possibility of a decline for October, and then a recovery, whether it’s later October, whether it’s in November, just to break those monthly bottoms (around $24,000) and then potentially bounce back come…
But nevertheless, if we get a monthly break, it will be very similar to what has happened in the previous cycles where you see the monthly swing-bottom break. We saw the monthly swing bottom again during the previous cycles, 2015 and 2019-2020, and we may now be facing that in late 2023, perhaps early 2024.”
At the time of writing, Bitcoin is trading at $26,849.
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Generated image: Midjourney