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Bitcoin’s price experienced a decline after March, leading to a volatile price movement. Until two weeks ago, the price continued to trade around $70,000 but then faced a significant drop. After the decline, the price fell to $58,500, causing great uncertainty in the market. Although the market showed a positive outlook on Monday, indicators reversed today. Despite this, an analyst’s positive views have drawn attention in the market.
Analyst’s Bitcoin Comments
One of the closely followed analysts in the crypto world mentioned that Bitcoin’s consolidation at the $60,000 level could continue for a few more months, emphasizing that BTC could experience a noticeable rise after this period.
Analyst Jason Pizzino highlighted in his YouTube statements that difficulties might continue before the expected significant upward price movement for Bitcoin.
The crypto analyst recalled 2023 for BTC, emphasizing that the price followed a similar path before experiencing a threefold increase.
This significant rise will shock many people. Look at what happened the last time Bitcoin rose for about seven months: from March to the breakout in October (2023). A seven-month significant rise led to a substantial increase from $25,000 to $74,000. I’m not saying it has to be the same percentages. I’m just talking about a significant movement pushing the price quite hard. I don’t know if it will be a straight line like the last cycle. It could be a big rise, a pullback, and then another rise.
Pizzino also emphasized that BTC’s current price movements show parallels with those during the 2016-2017 bull run. In 2016, BTC showed slow movements in the early stages of the bull market but later exhibited an upward movement that paved the way for a historic rise.
Pizzino made the following statement on the subject:
If this happens again or in a similar way, not exactly the same, there could be a nice big extension of green for three, four, maybe even five quarters.
How Much is Bitcoin Now?
BTC’s price fell from the $63,000 level it reached yesterday. After a 1.86% price drop in the last 24 hours, it is trading at $61,877.
Following the price change, the market cap also fell to $1.220 trillion. The 24-hour trading volume, after a drop of over 11%, is at $22 billion, indicating a decrease in market interest.
