Crypto analyst Jason Pizzno says Bitcoin (BTC) may be gearing up for an unexpected bull phase that continues next year.
In a new strategy session, Pizzino looks at the average true range indicator (ATR), which measures volatility within a given period.
Pizzino points out that approximately 1,030 days passed between the 2017 Bitcoin price top and the start of the 2021 bull market breakout, which also coincided with the ATR top.
Based on that 1,030-day period, the analyst suggests that March 2024 could be the start of the next Bitcoin bull market breakout, albeit with some corrections along the way.
“It takes us to March next year. So we’ve talked about March several times, especially that April-May period, because that’s quarter two or quarter three of 2024. I think this is all kind of building up to something interesting at that particular moment. That’s from the top of the average true range until it starts to break out again and close the deal, breaking those highs. Right now it looks like we’re trying to hit some high points.
So I don’t think this is the absolute run to new record highs. I think there’s still a possibility that we’ll come in for testing and start to fade back into that period next year.”
Pizzino predicts an “abnormal” upward momentum before encountering resistance at the $42,000 level and then breaking through the key level in the second half of next year.
“I think this is what the market is actually doing right now. So if we get a quick run-up to the upside, if it happens quickly, it will be an abnormal move compared to what we’ve seen since June 2022, so if you do the math, it’s about 17 months or so, so that would probably involve a bit of a fadeout until the halving and then you start to see a little more excitement, a little more grind, and then again the move towards that second half of 2024.
At the time of writing, Bitcoin is worth $34,938.
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Generated image: Midjourney