Bitcoin is displaying some stability, as the prices have remained within a sustainable range of around $17,000. As the trend remains largely incremental, the token is believed to maintain a steep upswing to regain levels above $20,000 very soon. Popular crypto trader Jason Pizzino believes that star crypto may continue testing the upper resistance from now as the bottoms may have already tested.
In a new video update, Pizzino emphasizes on the bitcoin price action for the next 2 to 3 months. The trader believes that the bitcoin price could continue to rise as there is ‘no room’ left for the coin to fall, but it has a few more months before it bottoms out.
“[In the past], you’ve had approximately five to nine months of buying opportunities. If we measure it form this first time here from June, it means we’re into fifth, sixth month already. So there’s only potential a few more months to go which also works over into quarter one, maybe, being another bottom,”
Analysts believe that BTC price is all set to break out of the current consolidation and move higher. After bitcoin breaks above the bear market, the price could surge higher to test the upside around $23,000, which could ignite the next phase of the cycle somewhere in December and Q1 2023.
“So lots of big things to happen, I would say December and Q1 2023 based on the historical cycles, based on the price already of the markets, basically the drawdowns and the support and resistance levels,”
Furthermore, speaking on altcoins, Pizzino said that if the price of bitcoin continues to rise significantly, the weaker altcoins are likely to bottom out.
“Regarding the altcoins, if Bitcoin get some strength on, the weak altcoins are definitely going to bleed. So for me, now is not the time to be investing in altcoins,”
