Summary:
Bitcoin is forming a bottom after a six-month correction.
Analyst Jason Pizzino is monitoring the Fear and Greed Index.
The index has shifted between extreme fear and neutral.
Pizzino predicts a bullish momentum return for Bitcoin.
He anticipates new all-time highs (ATH) for Bitcoin soon.
Bitcoin's Bottom: A New Dawn?
A prominent crypto strategist believes Bitcoin (BTC) is finally forming a bottom after a six-month correction. Analyst Jason Pizzino, who has amassed a following of 112,300 on X, is closely monitoring the Fear and Greed Index, which reflects the sentiment of the crypto market over time.
Pizzino notes that the index has been fluctuating between extreme fear and neutral, signaling a loss of market exuberance and confidence in the ongoing crypto bull cycle. In his words,
“This is how bottoms are formed over many weeks within a bull market. Bitcoin.”
In a recent video update, Pizzino expressed optimism about Bitcoin regaining its bullish momentum as investors show a growing appetite for risk assets, particularly equities. He emphasized:
“With the stock markets going to new all-time highs, the S&P [500] attempting to get back there probably in the next couple of months. Real estate prices [are] up and everything still moving to higher prices. I suspect Bitcoin is going to come back over quarter four.”
He also foresees Bitcoin reaching new record prices soon, stating:
“Bitcoin continues to climb quietly… Our time frame analysis still on track. New ATH (all-time high) around the corner.”
However, Pizzino notes that some investors seem to be losing faith in Bitcoin, even as BTC indicates a potential bullish reversal. He commented:
“It’s a typical sign to see people give up at higher lows.”
As of now, Bitcoin is trading at $60,173, reflecting a slight decrease on the day.
Watch Jason Pizzino's Analysis
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