dailyhodl.com
A closely followed crypto strategist thinks that Bitcoin’s consolidation around $60,000 is setting up $BTC for a big breakout in the next few months.
In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that Bitcoin tends to lull people into boredom before igniting a huge upside move.
The crypto trader notes that $BTC displayed the same behavior at around the same time last year before launching a nearly 3X surge.
“This big wind-up is going to shock many, many people. Look at what happened when Bitcoin wound up for about seven months last time: March to the breakout in October [2023].
A big wind-up of seven months caused that huge move from $25,000 to $74,000. Not saying it has to do the exact same percentages. I’m just talking about some significant move that pushes price pretty damn hard.
I don’t know if it’s going to be a straight line like it was in the last cycle. It could be a big pump-up, a pullback and then it just takes off again.”
Pizzino also says that it appears $BTC is following in the footsteps of its 2016 to 2017 bull market.
In 2016, the $BTC bull market started slow before ultimately launching a parabolic rally that saw Bitcoin record a sustained uptrend for more than a year.
According to Pizzino, Bitcoin seems to be mirroring the same “organized” move up, leading him to believe that $BTC may be gearing up for big rallies in the coming months.
“If that is to occur again or similar, not exactly the same, it might have a nice big stretch of three, four, maybe five quarters of green.”
At time of writing, Bitcoin is trading for $62,824.
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