Closely followed crypto currency analyst and trader Jason Pizzino warned investors that he believes Bitcoin (BTC), the largest crypto currency by market value, has more room to fall.
Preparation of a New Bottom in Bitcoin
In a new video update, cryptocurrency analyst and trader Jason Pizzino pointed out to his more than 279 thousand YouTube subscribers that based on past price performance, previous bear markets have offered buying opportunities for investors that last between five and nine months. Dec.
Counting June as the first month of the current bear market, Pizzino said that Bitcoin has a few more months before hitting the bottom, saying, “In the past, we have had about five to nine monthly buying opportunities. If we measure this from this first time in June, it means that we have already entered the fifth, sixth month. So there are only a few more months to potentially reach the end of the bear market, which means that a new bottom price will be recorded in the first quarter of this year, perhaps in March.” he then stated:
Here we will rise a little above 23 thousand dollars, finally Bitcoin broke the bear market, we will go back and test the upper side of the bear market trend and we will start to get out of here during the next phase of the cycle. So, based on past cycles, current market prices, basically declines and support and resistance levels, I can say that very big things will happen in December and the first quarter of 2023.
“BTC Can Shake Altcoins”
Pizzino, who also evaluated altcoins in general after BTC, claimed that if Bitcoin rallies, the prices of “powerless” altcoins may fall even lower, saying:
What I can say about altcoins is that if Bitcoin gets a little stronger, the weak altcoins will definitely lose blood. Therefore, for me, now is not the time to invest in altcoins.
The largest crypto currency Bitcoin was trading at 16 thousand 970 dollars at the time of this writing. This means that Bitcoin has lost 0.76 percent in the last 24 hours.
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