Jason Pizzino: Bitcoin's Bull Cycle Isn't Over Yet
Over the past week, the cryptocurrency market capitalization has fallen by $300 billion, but popular trader and analyst Jason Pizzino believes this is a temporary decline and that Bitcoin's bull cycle is not over yet.
Pizzino bases his opinion on technical analysis. As the trader noted, BTC growth periods typically last 35 to 37 months, while Bitcoin has currently been growing for 34 months. However, Pizzino believes that Bitcoin's price will definitely not reach new highs before the end of September.
“There are no signs of a decline at the macro level yet, so it doesn't look like the cycle is over. That is, you don't need to look at the trend on four-hour or daily candlesticks—weekly and monthly candlesticks should be more relevant. However, Bitcoin is unlikely to reach new highs in September, but it is quite possible in October,” Pizzino noted.
The analyst believes that the decline could continue, and the BTC price could fall below $100,000. However, this should not affect the overall bullish trend.
Yesterday, Bits.Media released a new cryptocurrency market review.
Source: cryptonews.net
