Known for his accurate predictions, crypto analyst Jason Pizzino suggests that Bitcoin (BTC) could stage an explosive rally after breaking a significant resistance level. The analyst warned that if the largest cryptocurrency fails to surpass these resistances, it could move downwards again.
Bitcoin’s Rise Hinges on 3 Key Levels
Crypto analyst Pizzino told his YouTube subscribers in his latest strategy session that he believes Bitcoin will rise only if it can turn the resistance level at $49,000 into a support level. He said, “The second half of 2024 will be the period when things become a bit clearer. Currently, the last peak level is at $49,000. So, it might take some time for BTC to surpass this peak, but it will do it in some way. I think S&P 500, NASDAQ, real estate market, Bitcoin, and altcoins will rise sharply from the second half of 2024 to 2025, and that’s when we’ll need to think about where to take profits.”
Moreover, the analyst warned that after Bitcoin surpasses the $40,000 level and then retracts from the previous two significant support levels, it could fall well below the current price levels, stating:
It seems that Bitcoin is trying to find a bottom somewhere in the mid $30,000s. We could stay below $40,000 for a couple of weeks. If there is any pullback from around $41,000 or $44,000, it could trigger a much sharper downward movement.
Bitcoin May Move Sideways for an Extended Period
Pizzino noted that even if the largest cryptocurrency does not fall much further, it could move sideways until March, based on the duration of previous corrections during the current cycle, which has lasted about 60 days compared to the 12-day correction seen so far. During his warning, he said:
There was a 21.6% drop over 12 days downward. You may recall the previous retracements from the peak level reached on July 13, 2023, to the lowest level in September, which was 21.8%. That period had lasted 60 days, and there was also a roughly 20.3% downward movement after the banking crisis in April, which lasted 62 days. So, we have now done the same amount of decline in a very short time.
Therefore, if this is the last correction and the bottom for Bitcoin is $38,500, we might linger at the current levels for a rise. This could mean that the price may move sideways until March, just before the block reward halving. Potentially, an upward movement could start from that point.
