A widely followed crypto currency analyst has suggested that Bitcoin (BTC) might be repeating the market structure of 2019, where it consolidated for months before starting a parabolic rise. Popular crypto currency analyst Jason Pizzino told his YouTube followers that Bitcoin‘s move to all-time highs reminded him of the 2019 price movement when Bitcoin increased about fourfold after consolidating for six months.
Historical Data on BTC
According to Pizzino, Bitcoin’s potential move from about $25,000 to $74,000 in a few months could be comparable to the false rally in 2019. This suggests that BTC might witness a multi-month consolidation before the next phase of the bull market begins. The analyst stated:
“I think there’s still some time, and this movement could be similar to what we saw in 2019 in terms of where we stand in the cycle, not in terms of emotion and what people were thinking at that moment. If 2019 hadn’t been there, the transition to June 2019 would have happened very quickly. It was similar to what we see in the market now, around 300%, from $25,000 to $74,000. And many people thought this was a cycle turned left, where you would see the peak early and then fade out for a long time. Obviously, that didn’t happen. However, because of the extreme movement, the market remained quite inactive for a long time. You had six months of decline, a few months of rise, COVID happened, five months rose, another correction occurred, and then the market embarked on this big bull market.”
Critical Levels in Bitcoin
The analyst also emphasized that he is closely monitoring key price ranges to determine Bitcoin’s most likely short-term trajectory. He added:
“If we see a rejection around roughly $67,000, which would be between $67,000 and $69,000, the all-time high range, then I suspect we will retreat. Emotions are getting more involved here. Everyone is going into extreme bearishness again, and for example, what makes the market consolidate between at least $50,000 and $70,000 instead of consolidating between $60,000 and $80,000. That’s why we need to watch what happens between $59,000 and $60,000 and also between $67,000 and $69,000. If rejected at $69,000, then we’re likely going back down to break the lowest level of $60,000, down to about $58,530.”
