Bitcoin Price Analysis: BTC Prices Remain Stagnant for 6 Months Amidst Investor Uncertainty
Renowned crypto analyst Jason Pizzino recently shared his insights on the current state of the Bitcoin market, which has been riddled with uncertainty following last week’s scare of the coin potentially crashing below $25,000.
Staying Bullish Amid Market Uncertainty
According to Jason, despite the fears, Bitcoin has managed to close back within the trading range. This has led to widespread speculation among investors, as they grapple with whether the bull market is back on, or if they are bracing for a new bear market low after a potential bear market rally.
Jason suggests that Bitcoin might indeed trickle back down, but the idea for the bulls is for it to maintain above $25,000 and eventually mount an attack to break past the $31,000 or $32,000 resistance levels.
In the context of the market’s historical behavior, Jason argues that these volatile periods aren’t unusual; rather they are characteristic of the early stages of every bull market. He cites how previous early bulls and bears both argued about whether the market was at the start of a new rally or just another bear market rally.
A Long-Term Bullish Outlook
Jason also points out that this stage of the market shows many similarities to previous market behavior, such as in 2015 and 2016. While the bears claimed that the market was bound to collapse, the bulls argued for a new market surge. Following a series of reaccumulation and breakouts, the market eventually climbed out of the accumulation zones, proving the bulls right.
The current state of Bitcoin’s market, according to Jason, maybe at the early breakout stage. As a long-term trader, he tends to look for longer-term signals based on the past to predict potential future movements.
The current state of the market, he suggests, might be part of a reaccumulation process that could lead to a breakout. At press time, Bitcoin was worth $27,448.