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Renowned crypto analyst Jason Pizzino has suggested that altcoins could overshadow Bitcoin (BTC) this year due to two potential bullish catalysts he foresees for the markets.
Two Critical Metrics for Bitcoin
Senior crypto analyst Jason Pizzino stated in his Youtube comments that two major events are approaching this year for the crypto space, which are the Bitcoin halving and the US presidential election.
Jason Pizzino argued that the halving, which is currently scheduled to occur on April 18, could halt any ongoing correction. However, he suggested that the election could be an even bigger event for the crypto space, saying:
What we’ve seen from past elections is that markets take an interesting turn. Sometimes a month or two before, sometimes right during that period. So be on alert as we enter the third quarter of 2024.
Bitcoin Correction Warning
The analyst also predicted that Bitcoin could experience a correction towards $37,000 in the short term. BTC was trading at $39,922 at the time of writing and had seen a decline of about 3% in the last 24 hours. Jason Pizzino believes that Bitcoin and Ethereum (ETH), the leading cryptocurrencies, are poised to make gains this year.
However, he also noted that altcoins could outperform the top two cryptocurrencies in the later stages of the bull market cycle. In his final remarks, the analyst said:
As we enter 2024, as we know, for the next phase of the cycle, we think this will probably be a better altcoin opportunity. Bitcoin will have gains. I suspect Ethereum will make gains, but frankly, altcoins will achieve even bigger gains. This should have been given by now.
