A closely followed crypto analyst says that one under-the-radar indicator is hinting at a sudden Bitcoin (BTC) rally to new all-time highs.
In a new video update, crypto strategist Jason Pizzino tells his 328,000 YouTube subscribers that the top crypto asset by market cap has historically made “stealth moves” to the upside when its average true range (ATR) indicator reaches a local low while price continues to consolidate or put in higher lows.
According to the analyst, if the crypto king can maintain a daily trading range average of between $1,500 and $2,000 while staying above the $56,000 to $60,000 level, it could mean BTC is ready to break out to a new all-time high.
Pizzino uses the Bitcoin rally witnessed during the early days of the Covid-19 pandemic as an example of a stealth move.
“If we did get into that zone of $1,500 to $2,000 per day and Bitcoin was still putting in roughly higher lows or maintaining that sort of $56,000 to $60,000 level, that might be a sign that we’re getting ready to turn around and head higher…
That entire Covid move was the longest one yet, about 222 days and I’m measuring that from the low to basically that breakout day…
More importantly, that was a breakout day of the tops so you can see the tops here at about $12,000 – it broke out and then basically skyrocketed from that point with the range and the normies beginning to enter.
So the stealth move – higher lows, higher lows, higher lows, [and] the range – lower lows, lower lows, lower lows, so the supply is getting absorbed and people are still selling into that which is causing the bars to be quite small, so you’re getting more sell pressure more buy pressure.”
Source: Jason Pizzino/YouTube
Pizzino also says that TOTAL3, which measures the entire market cap of cryptocurrencies besides Bitcoin Ethereum (ETH) and stablecoins, looks similar to the sudden breakout of 2020.
“I want to show you the stealth move on the total cryptocurrency market cap excluding Bitcoin and ETH, so this is for all of the altcoins… It’s just the mindset, the market sentiment [is] showing signs of dying out here which to me is more of a stealth move.”
Source: Jason Pizzino/YouTube
Bitcoin is trading for $67,717 at time of writing, a marginal decrease during the last 24 hours.
Generated Image: DALLE-3
