Crypto analyst Jason Pizzino predicts Bitcoin’s likely trajectory through February – here’s his outlook
Popular crypto trader Jason Pizzino says he believes Bitcoin (BTC), the leading digital asset by market cap, has more room to fall.
In a new video update, Pizzino tells his 279,000 YouTube subscribers that based on historical precedence, past bear markets have presented buying opportunities for traders that lasted between five and nine months.
Considering June as the first month of the current bear market, Pizzino says Bitcoin 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 potentially only a few months left that also work over into Q1, maybe March, which is another bottom.
We [will] get some speed up here [above $23,000]finally breaks the Bitcoin bear market and come back and test the upside of the bear market trend and we start to work our way out of it during the next phase of the cycle.
So many big things that are going to happen, I would say December and Q1 2023 based on the historical cycles, based on the prices already in the markets, basically the drawdowns and the support and resistance levels.”
On altcoins, Pizzino says prices of “weak” altcoins are likely to drop lower if Bitcoin rises.
“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.”
Bitcoin is trading at $16,914 at the time of writing, down 1.7% on the day and down 21% from its 30-day high of $21,417.
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