Widely followed crypto analyst Jason Pizzino thinks that Bitcoin (BTC) may have to endure a few unexciting months before it can rise again.
According to the analyst, Bitcoin will be around for a few months
cryptocoin.com As you follow, the crypto market failed to continue the uptrend and turned south. In a new YouTube video, Jason Pizzino says that BTC seems to be heading towards a “bottom” after the significant price drop last week. The analyst compares the current Bitcoin scenario with the market action that followed the FTX-related crash last November. Pizzino predicts that the Bitcoin price will likely remain in its current course for several months before surging again in November, December or the first quarter of 2024.
Jason Pizzino: There is no deepest on the horizon for BTC!
Bitcoin is trading at $26,100 at the time of writing. The market cap of the leading crypto has dropped by 1.3% in the last 24 hours. Also, BTC has lost 2.72% in the last seven days. Pizzino says he expects Bitcoin to rise above $27,800 on the daily chart to show its strength and signal a potential upward move. The analyst also states that it is unlikely that Bitcoin will drop to the lows of the new market cycle. In this context, the analyst makes the following assessment:
We’ve been up for about 33 weeks. Never in history has the Bitcoin price risen for 33 weeks and then regressed to new lows in a bear market. Yes, it’s only 10 or 12 years old. But that never happened.
Santiment: A social metric signals bullish for Bitcoin!
Blockchain analytics platform Santiment says a key social metric shows that crypto markets may soon recover after crashing. Santiment is sweeping social media platforms after Bitcoin’s sudden collapse below $26,000. He notes that use of the term “bear market” on social media has risen to an 11-week high. The analytics platform says this is a bullish signal. In this context, Santiment makes the following statement:
A positive sign that the crypto markets will recover is that traders are increasingly referring to current market conditions as a bear market. Historically, when traders show FUD (fear, uncertainty, and doubt), the chances of rising prices increase significantly.
Source: SantimentAccording to the analytics firm, deep-pocketed investors have started accumulating Bitcoin again. This contributed to BTC’s rise on Wednesday. Santiment added, “Once again, it has massively added to its piles of important whale and shark addresses. Thus, Bitcoin rallied as high as $26,800 on Wednesday. There are currently 156,660 wallets holding 10 to 10,000 BTC. They have accumulated $308.6 million since August 17.” says.
Source: Santiment
