Bitcoin Price Stable at $16,900

• Crypto analyst Jason Pizzino says Bitcoin (BTC) price still has room to fall
• Based on historical data, Pizzino projects that the bear market could last until the end of Q1 2023

The price bottom for Bitcoin (BTC) is not yet in according to popular crypto market analyst Jason Pizzino despite the benchmark cryptocurrency recently finding some stability around $16,900.

Pizzino told his over 279,000 subscribers in a new crypto market analysis video that the price of Bitcoin may still have more room to fall.

He claimed that based on historical data, previous bear markets have presented dip buying opportunities that lasted between five to nine months. He counts June as the first month of the current bear market and estimates that BTC still has a few more months before it bottoms out.

“[In the past], you’ve had about five to nine months of buying options. If we measure it from this first time here from June, it means we are on the move [the]already fifth, sixth month. So there’s only potentially a few months left that also work over into quarter one, maybe March, which is another bottom, he said.

When the bottom comes, the market can expect to finally break the bear market and see a “bit of a rally” above $23,000. After this, there will be a retest of the upside of the bear market trend as the BTC market begins to work its way out of the bear territory through the next phase of the cycle.

With an emphasis on altcoins, Pizzino noted that if the Bitcoin market rises, it will likely reduce the prices of “weak” altcoins. He said:

“Regarding altcoins, if Bitcoin gains some strength, the weak altcoins will definitely bleed. So for me, now is not the time to invest in altcoins.”

Bullish Bitcoin Sentiment Returning to the Crypto Market?

While Pizzino’s BTC performance forecast is for the medium term, other market commentators have also noted bullish short-term sentiments for the benchmark crypto.

Santiment said in a recent analysis that the encouraging remarks from Jerome Powell – the US Federal Reserve chairman – that sparked the latest rally could also see the price of BTC continue its rally until around mid-December. .

The Federal Open Market Committee (FOMC) has scheduled a meeting on December 13-14, where market participants expect the announcement of a rate hike of 0.5 percentage points in contrast to the rate hikes of 0.75 percentage points the Fed has implemented so far this year.

Bitcoin was trading at around $16,970, down 0.75 percent in the last 24 hours at the time of writing.