Bitcoin Analyst Predicts New All-Time High

Cryptocurrency markets have experienced a rollercoaster year, with major cryptocurrencies like Bitcoin and Ethereum seeing significant drops from their previous all-time highs. However, according to renowned crypto analyst Jason Pizzino, there are signs of a potential recovery on the horizon for 2023-2024.

In his latest video analysis published on Oct. 13th, Jason Pizzino highlights the correlation between the S&P 500 stock market index and cryptocurrency trends. He observes that the S&P 500 has shown higher lows in August and October of this year, indicating a potential bottoming pattern after the challenging bear market of 2022.

"This is all part of the preparation for the Bitcoin cycle because as the S&P continues to climb and hit new all-time highs, that leads more investors into more speculative assets like Bitcoin and then altcoins as well."

Jason Pizzino

Pizzino predicts that the S&P 500 will experience another significant low around 4,300 before starting a new ascent towards new all-time highs in early 2024. Historical data suggests that markets typically demonstrate positive returns in the 1-2 years following bear market lows.

When it comes to Bitcoin, Pizzino identifies the $27,300 level as a crucial threshold for a sustained recovery. Failing to surpass this level could lead to a retest of $26,000 or even $24,900. Nonetheless, Pizzino remains optimistic that the year 2024 will usher in a renewed Bitcoin bull market, potentially resulting in new all-time highs.

Furthermore, Pizzino emphasizes the importance of focusing on longer-term market cycles and not getting discouraged by short-term volatility or bearish sentiment. He cautions that the true risk may manifest after 2026 with an anticipated severe multi-year bear market.

"The collapse is inevitable, but if you hesitate now, you will miss out on the current market lows. Looking at the S&P 500 in the short term, I predict a slight pullback here. I believe this will present the best buying opportunity for the S&P 500 since the banking crisis."

Jason Pizzino