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Crypto analyst Jason Pizzino, closely followed by the crypto community, claims that despite the recent stagnation in the crypto king, Bitcoin (BTC) continues to sustain a bullish market optimally. According to the analyst, Bitcoin bulls are waiting for a clear threshold to be crossed before taking action.
Bitcoin Bull Market Continues to Shape, According to Analyst
Crypto analyst Jason Pizzino, in a recent strategy session, stated that the bull market cycle of Bitcoin began around January and continues to shape. He said:
This is the beginning of a bull market, just like the previous cycle and the cycle before that. Beginnings are never as clear. They can’t be this clear. When everything becomes clear, that’s the end. That’s when individual investors come in. That’s when everyone gets excited to enter the market because everyone sees the same thing.
Pizzino: Bulls Waiting for the $26,550 Threshold
Current data shows that BTC has traded above $26,000, at $26,538, with a 0.86% increase in the last 24 hours. While the price of the crypto king shows a positive trend, the analyst emphasized that Bitcoin’s confirmation of the bull market cycle would be more convincing if it surpasses the $28,500 level and added the following note:
The market has spent almost no time below $25,000. I’m not saying it can’t spend a little more time, but it spent six months above these levels on weekly closes. So far, it’s been pretty good, but the bulls haven’t come yet. They need to see some candle closes start above $26,550. So, I don’t want to be too convincing here.
The bulls still have a lot to do. I can start talking about it when we break above the white line at $28,500. This is one of the key levels for Bitcoin to start consolidating higher and come down to ongoing lower levels and then try to break $32,000.
