One of the famous crypto commentators gave important signals about the markets in his latest assessment. At the time of writing, Bitcoin’s price is hovering at $67,600. It was a relatively calm day for altcoins. The recent price drop triggered sales of up to 4% in some altcoins. So, what does the crypto analyst say investors are missing?
Crypto Analyst’s Prediction
Crypto analyst Jason Pizzino mentioned the average true range (ATR) indicator for BTC in his latest market assessment. The local bottom in this indicator has historically served as a trigger for price consolidation and rise. The analyst believes the same will happen again, indicating that BTC’s hidden movements might signal the last moments for a rise.
According to the analyst, if the crypto king continues to hold above $56,000 to $60,000, the next thing will be an all-time high. Pizzino cites the Bitcoin rally witnessed during the early days of the Covid-19 pandemic as an example of the hidden movement he mentioned.
“If we had entered the $1,500 to $2,000 region (for ATR) per day and Bitcoin was still roughly setting higher lows or maintaining the $56,000 to $60,000 level, it could have been a sign that we are ready to bounce back and go higher.
All this Covid movement was the longest so far, about 222 days, and I measure it from the lowest point to that breakout day.
More importantly, that day was a day when the peaks were broken, meaning you can see the peaks here at around $12,000. So the hidden movement – higher lows, higher lows, higher lows (and) range – lower lows, lower lows, lower lows, thus absorbing supply and people are still selling into it.”
Will Altcoins Rise?
The chart measuring the total value of all cryptocurrencies except BTC, ETH, and stablecoins is called TOTAL3. The analyst believes we might be on the verge of a significant breakout here as well. Reminding the breakout in 2020, the expert said the following about it;
“I want to show you the hidden movement in the total crypto market value excluding Bitcoin and ETH, meaning this is for all altcoins… This is just a mindset, market sentiment (here) shows signs of dying, which to me is more of a hidden (bullish signal) movement.”
