According To Top Analyst, The Time Has Come To Accumulate Bitcoin (BTC)
Jason Pizzino, a well-known cryptocurrency trader and analyst, notices indications that Bitcoin (BTC) is now in an accumulation period.
According to Pizzino’s 279,000 YouTube followers, Bitcoin may only have a few months remaining in the late-stage bear accumulation zone based on the market-value-to-realized-value (MVRV) ratio.
“We may only have five months left of Bitcoin being underneath this [MVRV accumulation] zone which in the past has called for some pretty good buy opportunities before the market starts to accumulate at higher prices, like it did in 2015 and again in 2019 and 2020 and then go on to those next bull markets.”
MVRV levels below one imply serious market capitulation and the beginning of accumulation. The MVRV ratio for Bitcoin is now less than 0.85 at the time of writing.
Regarding the likelihood that Bitcoin would drop below the $15,600 low set in 2022, the cryptocurrency expert and trader said,
“It can be easy for many investors to be left behind because they’re expecting lower and lower prices. But a lot of the data is showing that if we haven’t hit that exact price bottom on Bitcoin, we’re probably somewhere around it.”
Pizzino predicts that the price of bitcoin would bottom out between $13,000 and $14,000 if resistance at the $18,500 level is significant.
“We want to see whether Bitcoin is going to test those upper prices, first hit that $18,500, that’s going to be a key level. I think if we break that then we’ll probably put in a higher low around that March-April period.
But if we don’t, if we’re unable to get past that $18,500, then we’ll probably put in some sort of lower low.
How far down? That is anyone’s guess. But if we’re using some of the probabilities and looking back on the chart, looking at history, then we would have to say that it’s going to be somewhere around that $13,000 to $14,000, which has held the market up in the past.”
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