- While avoiding specific price targets, Pizzino notes the end of the bear market and expects Bitcoin to rise above $42,000.
- The S&P 500 has remained stable, reflecting concerns about potential Fed interest rate hikes in the last quarter. Federal Reserve Governor Michelle Bowman stated that they are ready for further interest rate increases if there is a disruption in inflation progress.
- In terms of short-term movements, Pizzino predicts a positive September for Bitcoin, followed by a rapid drop to around $23,630 in October.
According to the famous analyst, Bitcoin price may fall in October, but if these resistance levels are overcome, we may see a new bullish rally!
Renowned Analyst’s 4th Quarter Bitcoin Predictions
Recently, experts’ opinions on potential Bitcoin price increases have been widely divergent. The Bitcoin halving, expected to take place in approximately 230 days, is anticipated to impact the ongoing bull market.
However, predicting the size of this increase remains challenging due to limited historical data and evolving regulations. Renowned crypto analyst Jason Pizzino shares his views on this matter.
While avoiding specific price targets, Pizzino asserts that the bear market has ended and expects Bitcoin to rise above $42,000. However, it’s essential to carefully consider his recommendations as he doesn’t dismiss the possibility of corrections similar to past bear markets. He suggests the possibility of Bitcoin and the S&P 500 experiencing a decline at the beginning of October and subsequently transitioning into a bullish phase. Let’s delve deeper into the bear and bull theories.
Pizzino suggests that the third quarter of 2023 and the beginning of 2024 could be an opportune time to dollar-cost average (DCA) into Bitcoin. However, he notes that there are still resistance points, particularly at the $23,600 level, which represents a low from the current first range.
Pizzino also shifts his attention to the potential relationship between the performance of the S&P 500 (SPX) and Bitcoin. The S&P 500 has remained stable, reflecting concerns about potential Fed interest rate hikes in the last quarter. Federal Reserve Governor Michelle Bowman stated that they are ready for further interest rate increases if there is a disruption in inflation progress.
Major Resistance Levels for Bitcoin
As the halving approaches, uncertainty prevails over the market. While analysts provide various predictions, technical indicators offer complex signals. In terms of short-term movements, Pizzino predicts a positive September for Bitcoin, followed by a rapid drop to around $23,630 in October. However, he doesn’t rule out the possibility of a higher closing at $28,518. He emphasizes several critical resistance levels that Bitcoin needs to surpass to confirm a significant bull market cycle.
Pizzino closely monitors several critical resistance levels for Bitcoin. He highlights $28,500 as a crucial level, describing it as the tip of an iceberg for a potential consolidation and providing hope for further positive movement. Beyond that, key levels include $32,000, $35,000, $38,000, and the psychologically significant $40,000.
