Jason Pizzino, a well-known analyst, says: The first phase of Bitcoin’s upward cycle has begun. But there is a very important point. Today, in this analysis post from the digital currency website, we examine Jason Pizzino’s analysis of the beginning of Bitcoin’s bull run.
A well-known strategist and digital currency fan believes that Bitcoin (BTC) is currently in a bull market cycle despite its recent poor price performance.
In a new video, analyst Jason Pizzino tells his 29,000 YouTube subscribers that Bitcoin likely bottomed out in a bear market when it fell to $15,000 in November of last year.
Despite the market’s bearish cycle, Pezzino says that bitcoin’s price rally to around $31,000 this year is likely to increase disbelief. The stage of disbelief and lack of confidence is usually considered the first stage of a bull market. A stage where market participants are pessimistic despite the birth of a new uptrend.
“So it looks like everything is going well. It means that the cycles are going on as usual. The cycle is down. The first phase of the bull market is well and truly underway. Now this is about where things get a little interesting. Because people are still thinking of Bitcoin falling further to lower prices. Here people will again mistrust and then it will trap people again.
People are trapped in the upward cycle of mistrust. Apparently, they all still hope for Bitcoin under $20,000.
Although Pizzino believes in Bitcoin’s long-term bullishness, he says that BTC may still see a deep correction similar to 2015 and 2020. Over the years, Bitcoin has caused a lot of concern with its steady decline.
“We looked at the possibility of a monthly drop for October and then a pullback, either in late October or November, only to drop to the monthly low (about $24,000) and then potentially bounce back.”
“However, if we see a monthly price break, then something very similar to previous cycles will occur. We have seen sudden price drops in previous cycles in 2015 and 2019-2020. There is still the possibility of a sudden price drop again in late 2023 and early 2024.”
At the time of writing, Bitcoin is trading at $26,849.