Bitcoin

<p class="is-style-lead">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.</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="Bitcoin JUST Did Something for the FIRST TIME Since 2018 Crypto CRASH: Wyckoff Explained" width="1020" height="574" src="https://www.youtube.com/embed/hLnV_sBwjak?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>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.</p> 
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 <p>The monthly swing tops are very, very important to this cycle. […] This essentially tells you the trend direction.</p> <cite>Jason Pizzino</cite>
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<p>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 <a href="https://crypto.news/15th-anniversary-of-bitcoin-white-paper-from-concept-to-multi-billion-dollar-market/">Bitcoin’s price action</a> matches the typical phases coming off a low.</p> 
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 <p>We can now almost confidently say that for the majority of people that this was a market cycle bottom in November.</p> <cite>Jason Pizzino</cite>
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<p>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.</p> 
<p>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.</p> 
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 <p>Mark these on your charts. Keep a look out for how the market reacts to these levels.</p> <cite>Jason Pizzino</cite>
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<p>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.</p>

Bitcoin blasts through key resistance not seen since 2018

crypto.news

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