A closely followed crypto analyst says that Bitcoin (BTC) could break out of the current consolidation phase within weeks.
In a new video update, crypto strategist Jason Pizzino tells his 333,000 YouTube subscribers that Bitcoin could start printing a bullish pattern on the monthly chart at the close of September.
He looks at previous cycle lows and the number of months it took before Bitcoin printed the beginning signs of parabolic rallies, which was at 20, 21 and 19 months – when there was a monthly close above previous resistance levels.
“If September happens to hold up higher than August, well that makes it 22 months. And if September either breaks out to get to some higher monthly closing prices, say above $66,000-$67,000, that could then easily put it in the camp of the move beginning. So what you’d have to see is a September close somewhere around [$68,000] and that would turn into a green bar, of course, and that would potentially mean that we’ve got the start of the move here at 22 [months]. Otherwise, if it happened to be October, then this would probably be one of the longest periods for the start of the move.”
The analyst says that after the initial move signals an uptrend there is a second “final” move that confirms the breakout and signals the parabolic rally is coming, based upon historical precedence.
“You can see these previous ones. I’ve got it here at month 20, month 21, month 19, and then the second final move here where you basically don’t see prices come back [until the peak]: month 22, month 27 and month 28. So if we looked at those longer term seeing as we’re in month 22, month 27 takes us out to February and month 28 would take us out to March, basically a clear breakout above all these tops. Meaning, it doesn’t just have to close just above March 2024, like at $74,000. It could, in fact, be well and truly above that by that stage.”
Bitcoin is trading for $57,001 at time of writing, up 3% in the last 24 hours.
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