CoinDesk Report:
A closely monitored cryptocurrency strategist suggests that Bitcoin (BTC) may consolidate before a potential year-end breakout.
During a recent strategic conference, cryptocurrency analyst Jason Pizzino informed his 330,000 YouTube followers that based on historical precedence, the crypto king could dip to a low of $44,000 but remains optimistic for year-end.
“As we head towards the end of the year, I think you’ll look back and wonder why there was so much debate between the $56,000 low and the 50% level at $44,000. Did it reach $44,000? Well, I don’t know if it will…
But what I think will happen is… that sentiment will leave the market. It will reset, either grind or quickly bounce, and then by the end of this year, we’ll be at higher prices and pull back to adjust by about 40%. Has this kind of thing happened before? Yes, it certainly has.”
Source: Jason Pizzino/YouTube
The analyst predicts a potential breakthrough within the next six months based on historical patterns seen on monthly charts, including in 2016.
“So, looking at the current scenario, we’ve been consolidating for seven months now and pushing upwards. Now we’re in the fourth month potentially consolidating. By the end of the year, I would expect some kind of breakout. So, I’m just looking back at history, studying what I can do here, and then applying it further.”
Source: Jason Pizzino/YouTube
At the time of writing, Bitcoin traded at $58,541, down over 2% in the past 24 hours.
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