Jason Pizzino, a prominent crypto strategist, anticipates Bitcoin (BTC) is currently consolidating in preparation for a significant rally by the year's end.
Pizzino suggests that while Bitcoin could dip to around $44,000, such corrections are historically followed by bullish trends.
Reflecting on past price behaviors, Pizzino speculates that the market’s emotional turmoil will subside, potentially paving the way for a swift rebound or gradual recovery to higher price levels.
Drawing parallels from historical monthly chart patterns, including those from 2016, he predicts a breakout could materialize within the next six months.
“This consolidation phase, lasting several months, typically precedes upward momentum,” Pizzino remarked, highlighting patterns that indicate potential market movements ahead.
André Dragosch from Bitwise has highlighted a worrying trend in Bitcoin spot exchanges, reporting a decline in net buying volumes over the past three days.
Bitcoin has seen notable price corrections since March, primarily due to significant sell-offs by large holders, or whales, along with substantial token unlocks increasing the altcoin supply.
Bitcoin and the whole cryptocurrency market has been through a significant decline since news broke about Iran bombing Israel.
Jay Jacobs, BlackRock’s US Head of Thematics and Active ETFs, believes there’s still a massive opportunity for Bitcoin growth, projecting the market could expand to around $5.4 trillion in the future.