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A closely followed analyst in the cryptocurrency markets stated that Bitcoin (BTC) is unlikely to return to its previous cycle’s lowest levels yet, according to an article on Coin Turk.
Bitcoin’s Halving Expectations
Jason Pizzino, a prominent analyst, emphasized on YouTube that Bitcoin, based on its four-year cycle history, is likely to maintain its key support levels and enter a new bull market.
The analyst also claims that the current strength of the S&P 500 shows similarities with past BTC cycles and predicts that the SPX will reach all-time highs in the coming months. The four-year cycle is based on the Bitcoin halving event, where the rewards given to Bitcoin miners are halved every four years. The analyst stated the following:
The main issue is that it is almost guaranteed that $15,500 will not be broken. And I don’t think we will see a close below $19,500, which was the lowest level in March. This is a topic that I have been talking about for a long time on my channel. So you can say that it took about seven months for this low level to come. It was relatively strong and looked very strong for the S&P 500 in traditional markets, which is another thing we looked at in our four-year cycle. The main point I wanted to bring up during the four-year cycle is that the S&P usually reaches a new all-time high before Bitcoin reaches its all-time high. We have seen this in previous accumulation years.
Bullish Signs for BTC
The expert also claimed that the S&P 500 will likely reach a new all-time high in early 2024 and possibly achieve another record around January 2025. The analyst concluded the discussion with the following statement:
I think we’ll at least see a new all-time high, maybe a pullback, and then another one, probably on the brink of the next Bitcoin bull market. While keeping an eye on what’s happening in the exchanges, this will be another significant signal for the markets as the bull market continues for the stock market as well.
