Source: dailyhodl.com
A widely followed crypto analyst believes Bitcoin may be repeating a 2019 market structure that saw BTC consolidating for many months before launching a parabolic surge.
In a new video update, crypto strategist Jason Pizzino tells his 323,000 YouTube subscribers that Bitcoin’s run to new all-time highs is reminiscent of its 2019 price action, when Bitcoin rose by about 4X before taking a breather for six months.
According to Pizzino, Bitcoin’s big move from about $25,000 to $74,000 in a few months is comparable to the 2019 fakeout rally, suggesting that BTC may witness a multi-month consolidation before the next phase of the bull market begins.
“I think there’s still a fair bit of time to go, and this move could be similar to what we saw in 2019, not in terms of where we sit in the cycle, but in terms of the emotion and what people were thinking at the time.
2019, if you weren’t around, this move into June [2019] happened so fast, so quick. It was like 300%, similar to what we’ve seen in the market now, $25,000 to $74,000. And many people were thinking this was a left-translated cycle where basically you would see a top early and then fade out for a long time.
Obviously, that didn’t happen, but because of the extreme move, the market did grind around for quite a long time. You had six months down, a couple of months up, COVID happened, five months up, another correction and then the market took off into this major bull market.”
The analyst is also keeping a close watch on key price ranges to determine the most probable trajectory of Bitcoin in the near term.
“If we were to see a rejection roughly around $67,000, between that $67,000 and $69,000 being the old all-time high, then I suspect we’re going to come back down, more emotions are involved here, everyone gets extremely bearish again, and that is what allows the market to at least consolidate between your $50,000 and $70,000 rather than consolidate between $60,000 and $80,000, as an example.
So that’s why we need to watch to see what happens at $59,000 to $60,000, and also that $67,000 to $69,000, should we get a rejection [at $69,000], then we’re probably going to come back down and break through the $60,000 low [to around $58,530.].”
Bitcoin is trading for $63,200 at time of writing, down over 3% in the last 24 hours.
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