Renowned cryptocurrency analyst Jason Pizzino, known for his accurate predictions, has provided a timeline for when Bitcoin (BTC) could surpass the $69,000 level and reach its next all-time high. Here are the details and the specific date the analyst expects the BTC record to be broken.
Bitcoin’s Predicted Date for Breaking All-Time High
Experienced crypto analyst Pizzino highlighted the fact that Bitcoin historically reaches its peak after the S&P 500 reaches its peak and enters a consolidation phase after entering the bear market. While the S&P 500 consolidates between 4,400 and 3,700 levels below its all-time high, Pizzino stated that within the next eleven months, the US stock index could break its record and bring Bitcoin up with it.
Pizzino emphasized that he expects the S&P 500 to have already reached new highs by September 2024, and based on this, he predicted that Bitcoin could once again target the $70,000 level. He stated:
In each of these scenarios, the S&P 500 reached its all-time high while Bitcoin remained below its all-time high. We are still below the all-time high, and we have about 11 months until the end of this consolidation. There have been one or two months of buying or selling periods on both sides. These are macro cycles, and we need to be a little tolerant of the numbers themselves, but speaking roughly, we are probably halfway through this consolidation period or at least halfway through the time it will take for Bitcoin to surpass its previous all-time high of $69,000.
Keeping this in mind, we can start to give a few numbers or dates. If we look about 11 months ahead, around September 2024, we can say that Bitcoin has the potential to surpass $60,000 or $70,000.
Current Situation of BTC
As of November 10, 2021, Bitcoin is trading at $34,712, which is 49.57% below its last record of $68,789. In the past 24 hours, it has seen a 0.52% increase. The current market capitalization of the largest cryptocurrency is $678 billion.
Furthermore, the data shows that the relatively small increase in price is accompanied by an increase in volume. CoinMarketCap data indicates that BTC’s trading volume has increased by 81.17% in the past 24 hours, reaching $16.33 billion.
