Crypto analyst Jason Pizzino said in a recent YouTube video that Bitcoin (BTC) has broken above a key monthly resistance level for the first time since the 2018 bear market.
Pizzino said Bitcoin closed above the monthly swing high from November 2018, marking the first time it has broken this resistance since the collapse after the 2017 bull market peak.
The monthly swing tops are very, very important to this cycle. […] This essentially tells you the trend direction.Jason Pizzino
Pizzino believes this breakout signals Bitcoin has likely bottomed from the latest bear market and is entering a new bullish phase. He pointed to the Wyckoff accumulation schematic, saying Bitcoin’s price action matches the typical phases coming off a low.
We can now almost confidently say that for the majority of people that this was a market cycle bottom in November.Jason Pizzino
The analyst expects Bitcoin to trade in a range between $32,000 and $48,000 over the next eight-to-11 months. This is based on the 50 percent retracement levels from the 2018 and 2022 swing highs and lows.
Pizzino said previous bull markets also traded in a range near the 50 percent level for about two years before eventually breaking out and going parabolic.
Mark these on your charts. Keep a look out for how the market reacts to these levels.Jason Pizzino
Pizzino concluded the video by stating he believes Bitcoin could break above $50,000 by late 2024, around 12 months before the end of the current bull market cycle.