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A closely followed crypto strategist thinks that Bitcoin’s consolidation around $60,000 is setting up BTC for a big breakout in the next few months.
In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that Bitcoin tends to lull people into boredom before igniting a huge upside move.
The crypto trader notes that BTC displayed the same behavior at around the same time last year before launching a nearly 3X surge.
“This big wind-up is going to shock many, many people. Look at what happened when Bitcoin wound up for about seven months last time: March to the breakout in October [2023].
A big wind-up of seven months caused that huge move from $25,000 to $74,000. Not saying it has to do the exact same percentages. I’m just talking about some significant move that pushes price pretty damn hard.
I don’t know if it’s going to be a straight line like it was in the last cycle. It could be a big pump-up, a pullback and then it just takes off again.”
Source: Jason Pizzino/YouTube
Pizzino also says that it appears BTC is following in the footsteps of its 2016 to 2017 bull market.
In 2016, the BTC bull market started slow before ultimately launching a parabolic rally that saw Bitcoin record a sustained uptrend for more than a year.
According to Pizzino, Bitcoin seems to be mirroring the same “organized” move up, leading him to believe that BTC may be gearing up for big rallies in the coming months.
“If that is to occur again or similar, not exactly the same, it might have a nice big stretch of three, four, maybe five quarters of green.”
Source: Jason Pizzino/YouTube
At time of writing, Bitcoin is trading for $62,824.
Generated Image: DALLE3
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