A closely watched crypto strategist thinks Bitcoin’s consolidation around $60,000 will cause BTC to experience a major breakout in the coming months.
In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that Bitcoin tends to lull people into boredom before a massive upward move.
The crypto trader notes that BTC exhibited the same behavior around the same time last year before launching a nearly threefold surge.
“This major event will shock many people. Look what happened the last time Bitcoin stalled for about seven months: March until the October breakout [2023].
A big seven-month rebound caused that huge move from $25,000 to $74,000. I’m not saying it has to do exactly the same percentages. I’m just talking about an important step that pushes the price up quite a bit.
I don’t know if it will be a straight line like the last cycle. It could be a major overhaul, a pullback and then it just takes off again.”
Pizzino also says that it appears that BTC is following in the footsteps of the 2016 to 2017 bull market.
In 2016, the BTC bull market started slowly before eventually kicking off into a parabolic rally, with Bitcoin showing a sustained uptrend for over a year.
According to Pizzino, Bitcoin appears to reflect the same “organized” movement, leading him to believe that BTC may be gearing up for major rallies in the coming months.
“If that happens again, or something like that, not exactly the same, it could have a nice big chunk of three, four, maybe five quarters of green.”
At the time of writing, Bitcoin is trading at $62,824.
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