HomeBitcoinAnalyst Predicts Further Bitcoin Downturn, Indicates Upswing in Alternative Cryptocurrency Market

Analyst Predicts Further Bitcoin Downturn, Indicates Upswing in Alternative Cryptocurrency Market


Jason Pizzino, a seasoned macro investor and swing trader, has recently put forward his analysis indicating a potential pullback for Bitcoin.

His observations, informed by a deep understanding of market dynamics, suggest that Bitcoin’s prolonged rally could soon give way to further correction.

Altcoins Set To Shine As Bitcoin Undergoes Correction

Pizzino’s analysis is grounded in a comprehensive review of various market indicators. The analyst has been closely monitoring the altcoin sector, noting an accumulation of upside potential which could lead to impactful market movements, especially with the upcoming Bitcoin halving in view.

This anticipation of a shift in market sentiment is further supported by his examination of the US Dollar Index Futures chart, which shows a downward trend and recent significant drops in a single trading day.

US dollar Index (DXY) price is moving sideways on the 4-hour chart| Source: DXY on TradingView.com

Pizzino interprets these movements as indicators of further downside, influenced by the general macroeconomic conditions.

While Bitcoin braces for potential setbacks, Pizzino’s analysis reveals a silver lining for the broader cryptocurrency market, particularly altcoins. His study of the Total3 chart, excluding Bitcoin and Ethereum, shows a latent potential for growth in the altcoin sector.

This observation aligns with the cyclic nature of the crypto market, characterized by alternating periods of fear and greed. According to Pizzino, the market is currently experiencing one of its lengthiest stretch of positive sentiment, a trend he expects to shift in alignment with historical market behaviors.

Bitcoin’s Strong Support Zone And Emerging Altcoin Focus

In parallel, another prominent crypto analyst, Ali Charts, has identified a critical support zone for Bitcoin. Between $37,150 and $38,360, a substantial number of Bitcoin transactions have occurred, with roughly 1.52 million addresses purchasing around 534,000 BTC.

This significant level of accumulation has established a strong foundation, potentially curtailing any further decline in Bitcoin’s value below that level.

Despite the correction, Bitcoin has shown resilience in its recovery from recent dips. Although the asset is still down by 2.7% over the past week and nearly 1% in the past 24 hours, it has managed to surpass the $42,000 mark after previously falling below $41,000 on Tuesday.

Bitcoin (BTC) price chart on TradingView
Bitcoin (BTC) price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

However, a noticeable decline in Bitcoin’s daily trading volume, from $30 billion earlier this week to $13.6 billion, hints at a shift in investor focus towards the altcoin market. This aligns with Pizzino’s prediction and could be the harbinger of a new phase in the crypto market, where altcoins demonstrate significant rally alongside Bitcoin.

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.


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