Closely followed crypto analyst Jason Pizzino has said that Bitcoin $56,474.79(BTC) could break out of its current consolidation phase in a few weeks, Pizzino said in a new video update to his 333,000 subscribers on YouTube, adding that Bitcoin could show an uptrend on the monthly chart as September draws to a close.
Previous Cycles and Bullish Signals
Pizzino looked at previous cycle bottoms and the months it took for Bitcoin to show signs of the beginning of parabolic rallies. According to historical data, these periods were determined as 20, 21 and 19 months. He stated that if prices remain above August in September, this period will be 22 months. If prices close above $66,000-67,000 in September, this could be considered the beginning of the move.
Second and Final Movement
The analyst noted that based on historical data, the second “last” move following the first move confirmed the breakout and that a parabolic rally was approaching. In previous cycles, this occurred in months 22, 27 and 28. Pizzino noted that in the current situation, we are in month 22, with month 27 corresponding to February and month 28 corresponding to March.
Current Price of Bitcoin
At the time of Pizzino’s assessment, Bitcoin was trading at $57,001, a 3% increase over the past 24 hours. Pizzino said these price movements were in line with historical trends and could be a potential breakout signal.
The analyst noted that Bitcoin had previously broken through certain resistance levels and started a new uptrend. He suggested that this time around, the move could come after a longer period of consolidation, which could signal a larger price rally.
In conclusion, Bitcoin’s September close and subsequent price action in the coming months could be signs of a potential parabolic rally, but caution is warranted given the complexity and volatility of market dynamics.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
