Popular cryptocurrency trader Jason Pizzino says he believes Bitcoin (BTC), the top digital asset by market capitalization, has downside potential.
In the new video update, Pizzino To tell Based on historical precedent, his 279,000 YouTube subscribers provided a buying opportunity for traders whose previous bear markets lasted between 5 and 9 months.
Pizzino, who sees June as the first month of the current bear market, said Bitcoin has “a few more months” before it hits a bottom.
“[In the past], had a buying opportunity of about 5-9 months. First time measuring here since June it means we’re in [the] 5 or 6 months already. So we may only have a few more months and this is the first quarter, maybe he straddles March, and another bottom.
we [will] run a little here [above $23,000]eventually breaking out of the Bitcoin bear market and coming back to test the bear market trend upside and start a way out of it in the next phase of the cycle.
I think a lot of big things are going to happen. Based on historical cycles, in December and Q1 2023, already based on market prices, basically based on drawdowns and levels of support and resistance. I’m here.
As for altcoins, Pizzino said that if Bitcoin rises, the prices of weak altcoins are likely to fall.
When it comes to altcoins, if Bitcoin gets bullish, weaker altcoins will definitely bleed. So for me, now is not the time to invest in altcoins.
Bitcoin is trading at $16,914 at the time of writing, down 1.7% on the day and down 21% from its 30-day high of $21,417.
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