Renowned crypto analyst Jason Pizzino predicts a potential explosive rally for Bitcoin (BTC) if it surpasses a significant resistance level. However, he warns of a possible downward trend if Bitcoin fails to break through these barriers.
During a strategy session, Pizzino informed his YouTube subscribers that Bitcoin could ascend only after converting the $49,000 resistance into a support level. He anticipates a clearer market picture by the second half of 2024, expecting a surge in Bitcoin, altcoins, and traditional markets from late 2024 into 2025, which will be a critical time to consider profit-taking strategies.
Pizzino also cautioned that if Bitcoin retreats from its previous two crucial support levels after crossing $40,000, it could significantly drop below its current price levels. He suggests Bitcoin might be trying to find a bottom around $30,000 and could stay under $40,000 for several weeks, with any pullback from around $41,000 or $44,000 potentially triggering a sharp decline.
The analyst notes that even without further declines, Bitcoin could experience sideways movement until March, based on the duration of previous corrections. He references a 21.6% downturn over 12 days and compares it to 60-day corrections in the past, indicating the market’s capacity for extended periods of decline.
Pizzino suggests that if this is the last correction, with Bitcoin’s bottom at $38,500, the price could consolidate at current levels, potentially leading to a sideways trend until just before the block reward halving, after which an upward movement could initiate.