Crypto analyst Jason Pizzino has suggested that the cryptocurrency market is on the cusp of a bull run.
In a recent YouTube video, Pizzino claimed that the market is showing strength and potential for growth similar to previous cycles.
“This is the beginning of a bull market just like it happened the previous cycle and the previous cycle before that. The beginnings aren’t always as clear.”
He emphasized that once the market becomes clear and retail investors jump in, it means the end of the early stages of a bull market.
“Once things become clear, that’s the end. That’s when retail is in. That’s when everyone else is excited to get into the market because everyone else sees the same thing.”
Bitcoin Needs to Surpass $28,500 to Confirm Bull Market
Pizzino claimed that Bitcoin’s confirmation of the bull market cycle would be more convincing if it surpassed the crucial $28,500 level.
He noted that Bitcoin (BTC) has spent minimal time below $25,000 and has maintained its position above this level for the past six months.
However, Pizzino stressed that the bulls have more work to do and need to see consistent weekly closes above $26,550 to gain further momentum.
“I can start to toot it when we get back above the white line here at $28,500,” he said.
“That’s pretty much one of those key levels for Bitcoin to start to consolidate above and put in those continued higher lows to then look to attempt to break $32,000.”
As of the time of writing, Bitcoin is trading at around $26,600, showing a nearly 3 percent increase over the past seven days.
Crypto Traders Await FOMC Rate Rise Decision
Pizzino’s analysis comes as crypto market participants were eagerly awaiting the coming week’s key macroeconomic event from the United States Federal Reserve.
On September 20, the Federal Open Market Committee (FOMC) will decide benchmark interest rates, with markets overwhelmingly expecting them to remain unchanged.
According to the CME FedWatch Tool, the probability of a pause stood at 97% after the data were released, which showed the consumer price index rose 0.6% in August, its biggest monthly gain of 2023.
“FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term…,” popular trader Crypto Santa said in a recent comment on X (formerly Twitter).
Meanwhile, fellow trader Crypto Tony highlighted two potential scenarios, with $26,000 holding as support.
“I am still looking for that dip down to $26,100 and a bounce for a long trigger,” he told X subscribers.
“Either that or if we just reclaim $26,600 highs i will look to long.”
Read the full article here