The cryptocurrency world is known as a field that is in constant change and transformation. In this world, investors and analysts try to predict the future based on historical data, charts and models. Crypto strategist Jason Pizzino’s predictions about Bitcoin are also quite remarkable.
Pizzino suggests that Bitcoin may break away from a particular pattern it has followed in the past and reach a cycle top earlier than expected. In particular, he notes that the 50% retracement level observed on Bitcoin’s monthly charts plays an important role. In the past, Bitcoin would often experience a pullback after reaching this level and then break it to reach the top of a cycle. However, he claims that currently, although Bitcoin has reached the 50% retracement level, it has not experienced the expected retracement and is trading above this level.
“What’s happening with Bitcoin is an unprecedented kind of rally. This is the chart we’ve been looking at for months, the 50% level… That’s what happens, reaching the 50% level and pulling back, 50% and then it’s ready to go. This was the last cycle. In the previous cycle, there was a 50% retreat and this retreat was in the halving phase. Then we had another breakout at 50% and it went up from there. But this time it’s not over yet, I still want to keep updating this and this time it may not actually work as expected because not all models are supposed to work exactly the same way. So I’m updating here.
What we see is at 50% [42.000 dolar seviyesinde] a pause… So far there are less than 10 days left in February and the market is on a pretty significant upswing… the total bar is now $11,000 (over the 50% level).”
NEWS CONTINUES BELOW
According to Pizzino, this may indicate that Bitcoin is stronger than in previous cycles and could peak earlier. So, a breakout from previous price patterns could reflect the strength and dynamism of the Bitcoin market. This may cause investors and analysts to reconsider their predictions about the future of Bitcoin.
“It’s stronger this time… perhaps it will peak sooner than we expected, and we should be prepared for any significant uptrend from there.”
Pizzino’s views contribute to the general debate about the future of Bitcoin and other cryptocurrencies and attract the attention of investors. However, ultimately there are many factors that influence the course of the market and the absolute accuracy of any forecast cannot be guaranteed. Therefore, investors should be careful when evaluating the opinions of analysts and experts and prefer to make their decisions based on their own research.
Bitcoin is trading at $51,650, up about 3.69% in the last seven days.
You can follow the current price movement here.
