Cryptocurrency analyst Jason Pizzino offered a bullish outlook for Bitcoin, claiming that a major rally will occur once BTC manages to turn its $49,000 top loop into support.
Pizzino told his YouTube followers:
“The second half of 2024, when things become a little clearer… We hit the peak at $49,000. So it may take some time for BTC to overcome this peak. But when we do that, the S&P 500, the NASDAQ, real estate, Bitcoin, cryptos, I think we're going to skyrocket in the second half of 2024 into 2025. “And then we're going to have to get really serious about where we start taking profits.”
Pizzino observed that before Friday's rally, Bitcoin appeared to be “trying to find a bottom somewhere in the mid-to-upper $30,000s,” and warned that any rejection at roughly $41,000 or $44,000 could lead to further declines.
Regardless of whether Bitcoin corrects lower or holds $38,500 as a short-term low, Pizzino suggested that Bitcoin could trade sideways into March. He noted that previous +20% corrections during this cycle lasted an average of 60 days, compared to the current correction of 12 days:
“So if this is the last correction, if $38,500 is the low point that Bitcoin has gone to, we may need a little more time at those levels to catch up, we could experience something similar to what happened in the previous two corrections.
“That will take us somewhere around March, right before the halving, and we will potentially see the market rise from there.”
*This is not investment advice.