A closely watched crypto analyst says an under-the-radar indicator points to a sudden Bitcoin (BTC) rally to new all-time highs.
In a new video update, crypto strategist Jason Pizzino tells Its 328,000 YouTube subscribers indicate that the top crypto asset by market cap has historically made “stealth moves” to the upside when the average True Range (ATR) indicator hits a local low while the price continues to consolidate or make higher lows .
If the crypto king can maintain a daily trading range average of between $1,500 and $2,000 while staying above the $56,000 to $60,000 level, it could mean BTC is poised to break out to a new all-time high, according to the analyst.
Pizzino uses the Bitcoin rally from the early days of the Covid-19 pandemic as an example of a stealth move.
“If we were to get into that $1,500 to $2,000 per day zone and Bitcoin still made roughly higher lows or maintained that $56,000 to $60,000 level, that could be a sign that we are getting ready to reverse and move higher to go. …
That whole Covid move was the longest yet, about 222 days and I’m measuring that from the low point to basically that outbreak day…
More importantly, that was a breakout day of the highs, so you can see the highs here at around $12,000 – it broke out and actually skyrocketed from there, as the scope and standards started to encroach.
Thus the stealth move – higher lows, higher lows, higher lows, [and] the range – lower lows, lower lows, lower lows, so the supply is being absorbed and people are still selling into that which makes the bars quite small, so you get more selling pressure and more buying pressure.”
Pizzino also says that TOTAL3, which measures the entire market capitalization of cryptocurrencies in addition to Bitcoin Ethereum (ETH) and stablecoins, resembles the sudden outbreak of 2020.
“I want to show you the stealth action of the total cryptocurrency market cap, excluding Bitcoin and ETH, so this is for all altcoins… It’s just the mentality, the market sentiment [is] I’m showing signs of extinction here, which to me is more of a stealth move.
Bitcoin is trading at $67,717 at the time of writing, down marginally over the past 24 hours.
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