A widely followed crypto analyst Bitcoin (BTC) may diverge from a historic pattern and reach a cycle peak earlier than expected.
In a new video update, crypto strategist Jason Pizzino tells his 312,000 YouTube subscribers that in the previous 2016 and 2020 cycles Bitcoin pulled back after hitting the 50% retracement level on the monthly chart before breaking through it and soaring to a cycle top.
However, Bitcoin has yet to pull back this cycle after hitting the 50% retracement level and remains trading above it, according to the trader.
“What’s going on for Bitcoin is a pretty unprecedented type of pump. Now, this is the chart that we’ve been looking at for many, many months now, the 50% level…
This is what’s happened, 50% hit and a pullback, 50% and then it’s ready to go. That was the last cycle. The cycle before that, 50% pullback and that pullback was into the halving. Then we had another crack at 50% and it pumped from that point.
This time, however, it’s not over yet, but I just want to continue to update this and it may in fact be broken this time as all models don’t necessarily have to work out exactly the same. So that’s why I’m updating it here. What we have seen is a pause at 50% [the $42,000 level]…
So far we’ve got about just under 10 days to go for February, and the market is up pretty significantly… with the total bar being now $11,000 [above the 50% level].”
The trader believes that a break from the prior price pattern could indicate Bitcoin’s market is stronger than prior cycles and therefore could peak earlier.
“This time is stronger… maybe this is going to peak sooner than we had anticipated and we should be prepared for any sort of significant pumps from that point.”
Bitcoin is trading for $52,464 at time of writing, up nearly 6% in the past seven days.
Link: https://dailyhodl.com/2024/02/21/analyst-says-bitcoin-may-peak-sooner-than-anticipated-amid-unprecedented-rally-to-key-level/
Source: https://dailyhodl.com
