Popular crypto analyst Jason Pizzino says traders shouldn’t necessarily expect Bitcoin (BTC) to witness a significant pullback before its next leg up.
In a new YouTube video, Pizzino tells his 335,000 subscribers that every time people expect a “final flush out” of weak hands before the BTC market explodes, Bitcoin tends to do the opposite.
Referencing Bitcoin’s past half-year climb to an all-time high this March, the analyst estimates that Bitcoin’s current upward move could also last six months in total. Since it started last month, Pizzino says that means BTC could top out in February.
In the past upward move that started around a year ago, the analyst notes that BTC shot up by around 200%.
“What if we do something crazy and just do half that amount from the low? Well, anyone can double $49,000 – you get to $98,000. Take it out to roughly the same time frame, $98,000 into February, that’s 26 weeks. That’s not a bad start, but if you are getting in later, your $80,000/$90,000 [range], if there is going to be a correction, that’s where things start to get pretty concerning for you, to put it lightly.”
BTC is trading at $67,543 at time of writing. The top-ranked crypto asset by market cap is down nearly 2.5% in the past 24 hours.
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