This week is almost over, but BTC has not yet reached the desired levels. Despite many good news, BTC is at $57,000. At the time of writing, the price is lingering at $57,400, and although it experienced a short one-hour rise, it formed a long upper wick due to sales at the $60,000 limit. So, what does the senior crypto analyst think about this?
Will Cryptocurrencies Rise?
In his latest market assessment, Jason Pizzino discussed the current state of cryptocurrencies. According to him, BTC will reach a new all-time high price, completing this cycle with a movement similar to previous ones. However, the analyst believes that for 4-6 months, crypto investors will see very boring movements.
“In March, suggesting that we would go into a correction potentially longer than previous ones was not very interesting at the time. Everyone believed BTC would make a new peak between $80,000 and $100,000.
While they were targeting $100,000, I did some analyses. Based on a specific March signal, my analyses pointed out the possibility of Bitcoin staying below its all-time high for 4-6 months.
We are currently a day away from the four-month target. We have been below $73,777 for 119 days. As this period ends, we will see Bitcoin (BTC) starting to exceed $64,000. At some point, the process will end, and a new all-time high will come.”
Has Bitcoin Hit the Bottom?
After the recent test around $54,000, many analysts said BTC had hit the bottom. Both the daily RSI and various on-chain signals indicated that BTC, which determines the direction of cryptocurrencies, had seen the bottom level. Although altcoins did not care about this, Germany’s sales are almost over, and with the upcoming ETH ETF listing, we are approaching favorable events like the November elections and interest rate cuts.
“The safe point for BTC is in the mid $60,000s. $63,750 is the safe point. This is where you want to see the price confirming that it is low, and we could see consolidation around this area before moving higher and testing $74,000.”
