Renowned crypto analyst, Jason Pizzino, has posited that the cryptocurrency market might be on the verge of a significant upswing.
In a recent YouTube presentation, Pizzino drew parallels between the current market state and preceding bullish phases, indicating the presence of growth indicators akin to those past cycles.
He remarked, “We’re witnessing the onset of a bull market, reminiscent of the patterns observed in past cycles. The initial phases often lack clarity.”
Pizzino highlighted the pivotal moment when the market trend becomes unmistakably discernible, leading to a surge of retail investors. He cautioned, “By the time the trajectory is unmistakably clear, we’re nearing the climax. That’s when the retail sector dives in, and the market fervor peaks, as everyone observes and reacts to the same trend.”
Bitcoin Needs to Surpass $28,500 to Confirm Bull Market
Jason Pizzino posits that for Bitcoin to affirmatively signal its bull market trajectory, it needs to convincingly breach the vital $28,500 threshold.
He observed that Bitcoin (BTC) has rarely dipped below the $25,000 mark and has sustained itself above this benchmark for the preceding half-year.
Yet, Pizzino emphasized that the bullish trend has more ground to cover. For the momentum to solidify, there’s a need for recurrent weekly closures above the $26,550 mark.
“I’ll be more bullish once we surpass and stabilize above the $28,500 marker,” he commented.
He further elaborated, “That is fundamentally one of Bitcoin’s pivotal points. A sustained position above this mark, combined with consistent higher lows, would set the stage for a possible push towards the $32,000 level.”
At the moment, Bitcoin is hovering around $26,600, marking a close to 3% appreciation over the last week.
Crypto Traders Await FOMC Rate Rise Decision
Jason Pizzino’s insights are timely, especially when the cryptocurrency market is keenly observing upcoming significant economic activities from the U.S. Federal Reserve.
The Federal Open Market Committee (FOMC) is set to deliberate on benchmark interest rates on September 20. The consensus among market participants is a strong anticipation for rates to remain steady. This sentiment is bolstered by the CME FedWatch Tool, which indicated a 97% likelihood of the rates staying put, especially in light of data revealing a 0.6% surge in the consumer price index for August, marking it as the highest monthly leap for 2023.
Commenting on the forthcoming events, renowned trader Crypto Santa remarked on platform X (previously known as Twitter), “The impending FOMC meet and interest rate decisions are bound to stir the waters. However, I foresee Bitcoin fluctuating within the $25k – $27k range in the immediate future.”
In a parallel sentiment, Crypto Tony, another notable trader, outlined two possible trajectories, emphasizing the importance of the $26,000 mark as a support line. He shared with his X followers, “I’m on the lookout for a descent to about $26,100 followed by a bounce, indicating a potential long entry point.”