Popular cryptocurrency trader Jason Picino says Bitcoin’s (BTC) previous boom-and-bust cycles may hold hints as to when the cryptocurrency royale might finally establish a market bottom.
In a new video update, Pizzino tells his 279,000 YouTube subscribers that the current Bitcoin market is in line with two previous downtrends in terms of timing.
“When the days are counted, we are again approaching what we have seen in previous cycles… The first cycle here, in 2014, we have 411 days. See it top to bottom, 411 days, high to low…
The next cycle was in 2018, 363 days, basically almost exactly one year, top to bottom, 363 days.
And at this point, with the current low in mid-November, 376 days, because the peak was around the beginning of November. So this could still go into January, maybe for another bottom. And that would still be within the time frame of all the previous cycles, which means that it matches up very, very well with the previous cycles, and of course with the halving event coming in 2024.
Pizzino also says traders should be on the lookout for sharp spikes in Bitcoin even amid negative market sentiment. According to the trader, the big rises marked the end of the bear market in 2014 and 2018.
“For the last two bear market cycles for BTC, the swings marked the end of the bear market. Once these swings break to the upside, that’s the end of a bear market. However, the news will still be very, very negative, so don’t let that put you off.
At the time of writing, Bitcoin is changing hands for $16,857.
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