Bitcoin Poised for Significant Reversal Towards Last Phase of Bull Market, Analyst Jason Pizzino Suggests
A prominent cryptocurrency analyst predicts a significant upward trend for Bitcoin (BTC) that could mark the conclusion of the current cycle by next year. Jason Pizzino, a crypto strategist with a substantial following on YouTube, shared in a recent video update to his audience of over 331,000 subscribers that Bitcoin is showing signs of breaking out of a downward trajectory on the monthly chart.
Pizzino emphasized the importance of Bitcoin closing above the opening price of $62,700 by the middle of July to turn the month green. Such a move could potentially establish previous resistance levels as new support, paving the way for a positive reversal in the monthly candle or bar. He highlighted the significance of a potential reversal within the next 16 to 17 days, suggesting that the correction likely hit a low point at $53,500, hinting at the beginning of a new phase in the cycle.
Utilizing Elliott Wave theory, which interprets price movements through a sequence of waves influenced by market psychology, the analyst applied this methodology to the total cryptocurrency market capitalization. According to this theory, upward price movements occur in five primary waves, with the fourth wave serving as a corrective phase and the fifth wave reaching the peak of the pattern.
Pizzino presented a chart indicating that the fifth wave could drive the total crypto market cap to exceed $4.4 trillion by April 2025, with the fourth wave potentially concluding approximately 10 days prior. These projections suggest a bullish trajectory for the overall cryptocurrency market in the coming years.
As of the current writing, Bitcoin is trading at $64,744, reflecting a 4.63% increase in the past 24 hours. The analyst’s analysis and projections point towards a positive outlook for Bitcoin and the broader cryptocurrency market, indicating potential growth and bullish momentum in the foreseeable future.
In conclusion, the insights provided by Jason Pizzino offer a glimpse into the potential future trends of Bitcoin and the cryptocurrency market, suggesting a favorable outlook for investors and enthusiasts alike.
