Popular analyst Jason Pizzino claims that Bitcoin’s current price action reminds him of 2019. During that period, Bitcoin prices shot up 4x, only to catch its breath for six months. According to Pizzino, Bitcoin’s rise from $25,000 to $74,000 in a few months is comparable to the fakeout rally of 2019.
In effect, he indicates that Bitcoin can trade sideways from this level for a few more months before the next phase of the bull market begins.
Boring price action for bitcoin?
In 2019, sentiment was similar to today. The extremely rapid increases that year also caused people to philosophize about a left-leaning cycle for bitcoin.
That means we get the peak of the cycle much earlier than normal. Now at least for the first time in history we have seen an all-time high before the halving has taken place.
In that respect, this cycle is already more left-oriented than that of 2019.
Ultimately, it may not have happened in 2019-2020 due to the outbreak of the COVID-19 pandemic, Pizzino also philosophizes in his new video. The outbreak of the global pandemic pushed the bitcoin price down enormously, possibly delaying the bull market by a few months.
Bitcoin in the short term
According to Pizzino, it is very important for bitcoin in the short term that we manage to get above the range of 67,000 to 69,000 dollars. That level of $69,000 is of course the old all-time high, which is also an important point for many people in a psychological sense.
Furthermore, it is very important that bitcoin finds sufficient support at $59,000 to $60,000.
If that works, Pizzino believes we won’t have to sink any further. Do we fall below the price of 59,000 dollars? Then it may well be that we will consolidate in the range of 50,000 to 70,000 dollars with the digital currency.
For now, however, it is mainly a countdown to the halving, which is scheduled for this weekend.
Source: https://bitcoinmagazine.nl/nieuws/topanalist-voorspelt-2019-achtige-koersactie-voor-bitcoin
