Aussie Analyst Jason Pizzino Reveals Crypto Buying Opportunities
The analyst looks at the previous BTC all-time high in 2020, which demonstrates that after a period of consolidation, altcoins tend to perform well in the months following.
Pizzino notes Celestia (TIA), Chainlink (LINK) and Injective (INJ) as three coins set up similarly to Solana and MATIC in the tail end of 2020.
Amid a topsy-turvy day of trading, the crypto market has mostly settled with many coins posting new 24-month highs. As Bitcoin continues on its merry way, some analysts are turning their attention to the altcoins poised to make waves throughout the next rally.
Although most are focussed on Ethereum as the second-in-command crypto stumbles toward an ETF approval, according to Aussie trader Jason Pizzino, there are several other buying opportunities that investors should keep an eye on.
Related: NEAR, FET, RNDR: Why Are These Altcoins Rallying?
Patience Required as BTC Crosses All-Time High
Pizzino’s video takes an in-depth look at the Solana/Bitcoin historical charts, where he uncovers something interesting. Amid BTC’s previous run to its ATH – around November 2020 – Solana’s price fell quite significantly (relative to Bitcoin’s).
Pizzino believes the important point here is to note the price of SOL when BTC broke its all-time high. As SOL hit its bottom and the trend reversed, investors eyed off this price point. If SOL rebounded off this as a resistance level, it may have meant the end of a bull run. But if it broke through? Well, as they say, the rest is history.
SOL/ BTC graph 2020-21, source: CoinMarketCap
After a few months of consolidation, the market went into overdrive. Solana surged past its original price point to post absurd gains of almost 1,000x in less than half a year. The point here is simple – as Bitcoin runs up, altcoin holders must be patient and continue biding their time and watching the charts for similar buy signals.
Related: To Buy the Dip or Wait? Analysts Weigh In
Turning to today’s market, Pizzino believes there are several altcoins with the potential to mirror Solana’s 20-21 breakout. The first coin he discusses is Injective (INJ), a cryptocurrency that’s cooled off when compared to BTC.
INJ/ BTC graph, source: CoinMarketCap
In the previous BTC all-time high cycle (at the end of 2020), Injective did almost the same thing as Solana. As Bitcoin broke its ATH at the time, INJ fell nearly 67% relative to the king of crypto. But as the market for altcoins ran hot a few months later, Injective made its run – going up 750% against BTC over 12 weeks. According to Pizzino, INJ is in a comparable position now, meaning it may be ready for a significant breakout throughout 2024.
Pizzino also mentions Chainlink (LINK) and Celestia (TIA) as other coins with strong fundamentals that have fallen against BTC since the start of the year. Of course, the Aussie analyst notes that we can’t expect the market to perform exactly the same as it did last time – given changing regulations and the addition of exchange-traded funds. However, the point remains the same: Watch the charts patiently, work through the consolidation period and be prepared for if (or when) altcoin season truly begins.
The post Aussie Analyst Jason Pizzino Reveals Crypto Buying Opportunities appeared first on Crypto News Australia.
Filed under: Bitcoin - @ March 7, 2024 7:00 pm