Jason Pizzino, a renowned crypto analyst, cautions that the worst may not yet be over for Bitcoin (BTC).
The analyst suggests that the bottom has not been reached, predicting more challenges for late market entrants, such as market cycles, the impact of halted interest rate hikes, and the significance of long-term trends over short-term emotions.
Looking ahead, Razon sees a possibility of a prolonged consolidation period before leading to higher future prices and unpredictable market tops. The analysts suggest that significant price movements could occur anywhere from late 2024 to the end of 2025.
Jason’s prediction aligns with Markus Thielen’s recent remarks on BTC. The 10X Research’s CEO issued a warning on March 20 to traders and buyers looking to “buy the dip” after the crypto market as a whole crashed. Markus had previously called Bitcoin’s drop to $38,000 after the spot Bitcoin ETF was approved. Jason and Markus add to the long list of analysts who speculate on a further Bitcoin dip.
The Bitcoin price is now recovering, as shown by the latest series of green candle sticks. With the BTC price movement now on a northern trajectory, should it bounce above the support, it could indicate a bullish short-term outlook for Bitcoin.
Looking at indicators, the Awesome Oscillator (AO) is currently red and below the zero line, which typically indicates bearish momentum. However, the histogram bars appear to be getting shorter, which could suggest that the bearish momentum is losing strength. On the other hand, the Money Flow Index (MFI) is around 58.24, suggesting a moderate market. However, its northern trajectory indicates some mounting buying pressure.
2-hour BTC/USD Chart | Source: TradingView
The recent candles show a slight recovery from the support line, indicating buyers are trying to increase the BTC price. However, a breakdown below the support line could confirm a bearish breakout, potentially leading to a new downtrend outside the channel, pushing Bitcoin prices even lower. In line with this, while Jason smells more blood, other analysts see this as a buying opportunity.
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