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Crypto investors closely follow a popular analyst who highlighted a key detail in his latest assessment. The Bitcoin price is above $71,000, and fluctuations continue. The positive opening of the US markets was good, but it quickly dropped after reaching $71,500. So, putting short-term movements aside, what awaits us currently?
Crypto Analyst’s Commentary
Jason Pizzino has been making market predictions for a long time and, like everyone else, does not have the ability to see the future. However, the different details that analysts observe allow investors to view the markets from different perspectives. This advantage also opens the door to the potential for more accurate positioning. Of course, no analyst’s opinion should solely form your investment strategy. If you do this, you will likely experience losses and blame these analysts. Naturally, they will be unaware of your losses (or gains).
Returning to our topic, Jason Pizzino, looking at the Average True Range indicator, says that a new strong movement may begin for Bitcoin (BTC) and other cryptocurrencies. ATR is commonly used to measure an asset’s volatility.
Crypto Analyst’s Predictions
For a long time, the Bitcoin price has been stuck in a relatively narrow range. According to the analyst, it is possible for it to break out of this narrow range and start a strong movement. Of course, it is not possible to say exactly when this will happen, but he mentioned the following in his latest video:
“Basically, we have seen days with the narrowest range of movements since January. Bitcoin had a $500 range day on Saturday over the weekend… Generally, in such situations, a recovery period occurs… In each of these situations, you can see a significant upward movement.”
Regarding the all-time high of $73,777 and the next move of altcoins, Jason said:
“This does not mean we will explode in a few days or weeks. However, I still think it might take some time. Bitcoin’s price needs to consolidate above $72,000. I see this (the cumulative value chart of altcoins) as a hidden move for altcoins. And when this breaks out, the stronger ones will gain. So the theory here is that we are in invisibility. Invisibility here is defined by the small-scale average true ranges of the bars.”
