Renowned crypto analyst Jason Pizzino predicts that altcoins may outperform Bitcoin (BTC) this year, citing two potential bullish catalysts for the cryptocurrency markets. Pizzino highlights the upcoming Bitcoin halving and the U.S. presidential election as significant events that could influence the crypto space in 2023.
The analyst suggests that the halving, scheduled for April 18, could pause any ongoing market corrections. He also emphasizes the presidential election’s potential to be an even more impactful event for cryptocurrencies, advising investors to stay alert during the third quarter of 2024.
Pizzino warns of a possible short-term correction for Bitcoin, with a potential drop to $37,000. At the time of writing, Bitcoin was trading at $39,922, experiencing a roughly 3% decline over the past 24 hours. Despite this, he remains optimistic about Bitcoin and Ethereum (ETH) gaining this year.
He also notes that while Bitcoin and Ethereum are set to perform well, altcoins may offer better opportunities in later stages of the bull market cycle. Pizzino concludes by expressing his belief that altcoins are likely to see even greater gains as the cycle progresses into 2024.
Overall, Pizzino’s analysis suggests that while Bitcoin may see gains, the real opportunity for significant returns could lie with altcoins, especially as the market heads into the next phase of the cycle in 2024.