- Crypto analyst Jason Pizzino says Bitcoin (BTC) price still has room to fall
- Pizzino projects based on historical data that the bear market could last up to the end of Q1 2023
The Bitcoin (BTC) price bottom is not yet in according to popular crypto market analyst Jason Pizzino despite the benchmark cryptocurrency finding some stability recently at around $16,900.
Pizzino told his over 279k subscribers in a new crypto market analysis video that the price of Bitcoin could still have more room to fall.
He maintained that going by historical data, previous bear markets have presented dip buying opportunities that lasted between five to nine months. Counting June as the first month in the current bear market, he projected that BTC still 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 from this first time here from June, it means we’re into [the]fifth, sixth month already. So there’s only potentially a few more months to go which also works over into quarter one, maybe March, being another bottom,” he said.
When the bottom arrives, the market can expect to finally break the bear market and see a “bit of a run-up” above $23,000. Following this will be a retest of the upper side of the bear market trend as the BTC market starts to work its way out of bear territory throughout the next stage of the cycle.
Weighing in on altcoins, Pizzino noted that if the Bitcoin market rallies, it is likely to tank the prices of ‘weak’ altcoins. He said:
“Regarding the altcoins, if Bitcoin does 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.”
Bullish Bitcoin sentiment returning to the crypto market?
While Pizzino’s BTC performance projection is for the mid-term, bullish short-term sentiments for the benchmark crypto have also been noted by other market commentators.
Crypto market intelligence and social metrics platform Santiment said in a recent analysis that the encouraging remarks made by Jerome Powell—the U.S. Federal Reserve Chair— that sparked the latest rally, could also see the price of BTC continue its upswing till around the middle of December.
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The Federal Open Market Committee (FOMC) has a meeting scheduled for Dec. 13th -14th in which market participants are anticipating the announcement of a 0.5 percentage points rate hike as opposed to the 0.75 percentage point rate hikes the Fed has implemented so far this year.
Bitcoin was trading at around $16,970, down 0.75 percent in the last 24 hours at the time of writing.