Bitcoin (BTC) Could Break Out of the Current Consolidation Phase Within Weeks, Crypto Analyst Jason Pizzino Says
- WBOYOriginal
- 2024-09-12 12:36:12292browse
In a new video update, crypto strategist Jason Pizzino tells his 333000 YouTube subscribers that Bitcoin could start printing a bullish pattern on the monthly chart at the close of September.
A crypto analyst with a large following believes that Bitcoin (BTC) could conclude its current consolidation phase within weeks.
In a recent video update, crypto strategist Jason Pizzino shared his analysis with his 333,000 subscribers on YouTube, suggesting that Bitcoin might print a bullish pattern on the monthly chart by the close of September.
He examined previous cycle lows and the duration (in months) before Bitcoin printed the early signs of parabolic rallies, which occurred at 20, 21, and 19 months, respectively, with a monthly close above prior resistance levels.
“If September manages to hold up higher than August, that makes it 22 months. And if September either breaks out to get to some higher monthly closing prices, say above $66,000-$67,000, that could then easily put it in the camp of the move beginning. So what you’d have to see is a September close somewhere around [$68,000] and that would turn into a green bar, of course, and that would potentially mean that we’ve got the start of the move here at 22 [months]. Otherwise, if it happened to be October, then this would probably be one of the longest periods for the start of the move.”
According to the analyst, following the initial move that signals an uptrend, there is a second “final” move that confirms the breakout and signals the parabolic rally, based on past occurrences.
“You can see these previous ones. I’ve got it here at month 20, month 21, month 19, and then the second final move here where you basically don’t see prices come back [until the peak]: month 22, month 27 and month 28. So if we looked at those longer term seeing as we’re in month 22, month 27 takes us out to February and month 28 would take us out to March, basically a clear breakout above all these tops. Meaning, it doesn’t just have to close just above March 2024, like at $74,000. It could, in fact, be well and truly above that by that stage.”
At the time of writing, Bitcoin is trading at $57,001, showing a 3% gain in the last 24 hours.
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