A closely followed crypto analyst says that a big stock market rally that will boost Bitcoin (BTC) and digital assets appears to be just over the horizon.
In a new video update, Jason Pizzino tells his 348,000 YouTube subscribers that US stock markets look to be gearing up for another rally that will push Bitcoin and crypto assets up as well.
“In terms of the S&P 500… I’m waiting and seeing whether we do start to push harder and faster above [its] resistance and it really has hit its head on this resistance multiple times, and I’m getting prepared for another explosive move to the upside…
NASDAQ is getting very close to another new all-time high [and the] NDX (Nasdaq-100) hit a new all-time high.”
Pizzino goes on to note that current market sentiment feels the same as it was during other market bottoms before they eventually reversed course.
“If you’re sort of getting out of the market here or capitulating or getting annoyed with altcoins and memecoins and all that sort of stuff, sort of hating on yourself and just saying ‘screw it, I’m I’m done,’ it’s the same sort of feeling that happened in September of last year, that happened in August, that happened in July…
September 2023 was a pretty difficult time. [The crypto markets then] hit that low and then started to grind higher from there. It happens every time we get a little bit too blown up in price.”
Pizzino also says that the current structure in Bitcoin and equities has occurred during each major local low for BTC.
“Bitcoin and crypto market sentiment continues to drop, capitulation is occurring and anger towards altcoin sectors rises. Meanwhile, stock markets are printing new all-time highs in Europe, the US markets are strong and the US dollar is falling. This is similar to what we saw around each significant BTC low. It’s only a matter of time…”
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