Prediction of $23,630 for Bitcoin
Crypto currency analyst Jason Pizzino announced in his latest strategy session that he expects both BTC and SPX to fall at the beginning of October before entering a bull market cycle. Pizzino explained his prediction in detail:
The third and fourth quarters of 2023 will be a period where we will see the next best opportunities for DCA (dollar-cost averaging) for Bitcoin. Of course, there will be downward movements. Everything will not be smooth sailing because there is a lot of resistance. There is still a 50% Fibonacci level that can be retested and a macro level at $23,600. This level is the lowest point in the current range.
In the short term, maybe we could struggle even lower at the beginning of October because as we have seen in S&P 500, some of these lows can be revisited. Bitcoin may test the lowest level of October 2022 or March 2023. The reason I think this is because there is a possibility that SPX may fall slightly below 4,110 points in October. What will cause the resumption of the rise in Bitcoin will be the start of the rise of SPX during the fourth quarter and the first quarter of 2024.
Bitcoin may also continue its performance in September, which closed with a green candle, but I think there is a higher probability of a rapid drop towards $23,630 and then a break above $28,518.
Identifying Barrier Levels Ahead of the Rise
Furthermore, the analyst listed the key price levels in the upward direction to determine whether Bitcoin will confirm a major bull market cycle after October. Here are the levels marked by the analyst.
Whether the market will surpass the key levels in the upward direction will be the focus of the next period. The biggest trigger I am looking for consolidation is the $28,500 level. If this level is broken, we can test $32,000. If not, there is a possibility of falling below $25,000.
Now the last white lines in the upward direction are the levels drawn from the 50% Fibonacci level. This is the $42,000 level, or more specifically, the swing peak in the monthly timeframe coming from $42,200 and then $48,200. Therefore, when the price of Bitcoin manages to rise above $32,000, $35,000, $38,000, and of course the critical levels, such as $40,000, which is a psychological number, stand out for a good measure.