Crypto analyst Jason Pizzino has suggested that Bitcoin (BTC) may soon exit its consolidation phase, possibly within a few weeks. In his recent video update to his 333,000 YouTube subscribers, Pizzino pointed to potential upward trends on the monthly chart as September comes to an end, indicating that Bitcoin might be on the verge of a significant rally.
Previous Cycles and Upward Signals
Analyzing previous cycle lows, Pizzino notes that Bitcoin has historically taken 19 to 21 months to signal the start of parabolic rallies. If Bitcoin’s price remains above the August levels through September, this period will extend to 22 months. A close above the $66,000-$67,000 range in September could herald a substantial upward movement.
The Second and Final Move
Pizzino emphasizes that a “final” move following the initial rise typically confirms an upward trend, signaling a parabolic rally. In past cycles, this significant movement occurred in the 22nd, 27th, and 28th months. As we are currently in the 22nd month, the 27th and 28th months align with February and March, respectively, which could be critical markers for Bitcoin’s future trajectory.
Historical Data Indicates Potential Surge
– Bitcoin’s trading at $57,001 aligns with historical patterns.
– A 3% increase in the last 24 hours is noted.
– Past cycles showed resistance breakage leading to new upward trends.
– Extended consolidation might lead to a more substantial price rise.
Pizzino underscores that Bitcoin’s past behavior of surpassing resistance levels often signals the beginning of new upward trends. He suggests that this upcoming movement might follow a longer consolidation period, indicating a potentially larger price surge.
In conclusion, the end of September and the price actions in the subsequent months could be critical in signaling a parabolic rise for Bitcoin. However, Pizzino advises caution considering the inherent complexity and volatility of the market.