Aussie Analyst Warns Market Correction Could Worsen Under This Condition
Aussie analyst Michael Pizzino believes that BTC may be poised to enter a lengthy period of consolidation, or even price drops, due to past data.
However, Pizzino also notes that the market is moving faster than ever before and that time-based predictions can be a little less reliable.
It’s been a shaky week for Bitcoin. After making a charge back towards its all-time high, it entered somewhat of an Easter chocolate coma to drop below USD $66K (AUD $100K). This represented a 5% drop over the past seven days, although for now it appears the coin has found a decent support level above USD $65K (AUD $99K). However, Aussie analyst Michael Pizzino believes this correction may just be getting started if a few factors don’t go the market’s way.
Related: ‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Shares His Strategy for Bitcoin’s Drop to $200
$64.5K Pivot Point Vital for Short-Term Performance
Michael’s video hones in on several support and resistance levels that Bitcoin has forged over its past bull run, each which has consistently provided a cushion and ceiling for the crypto’s price runs. While BTC keeps bouncing off the USD $70K (AUD $106K) barrier, it has also consistently found relief at around the USD $64.5K (AUD $98.5K) mark, where it appears several triggers hit and investors begin buying back into the coin. However, as the market looks poised to create potentially higher lows, Pizzino believes this may signal a continued downward trend. If that trend breaks below the $64.5K support, BTC might even sink below USD $60K (AUD $91.3K) in the future.
Analysing the coin from a much longer timeframe, Pizzino believes this current bull cycle is mirroring the one that occurred between 2015-2017, which culminated in a significant bull run before hitting a roadblock in 2018. Based on this data, each historic market cycle has encountered a lengthy drawdown/consolidation period of about 3-6 months. While these timeframes have eventually made way for a new all-time high, this current cycle is yet to encounter a true medium-term retraction.
Source: Michael Pizzino via YouTube
However, according to Pizzino, the crypto markets are faster than ever before and it’s possible this cycle simply ignores the precedent and pushes forward.
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The post Aussie Analyst Warns Market Correction Could Worsen Under This Condition appeared first on Crypto News Australia.
Filed under: Bitcoin - @ April 4, 2024 2:34 am