Popular analyst Jason Pizzino suspects that Bitcoin could reach a new all-time high much sooner than it did in the previous cycles of 2016 and 2020. At the time, Bitcoin kept entering a major pullback on the monthly chart before it could begin a definitive breakout to new all-time highs.
At the moment we are still waiting for this major setback and according to Pizzino it does not have to come at all.
Unprecedented Performance of Bitcoin?
“What we’re seeing now from Bitcoin is quite unprecedented,” said Jason Pizzino. The one in the chart below shows how Bitcoin performed during previous cycles and what we are seeing now.
It doesn’t seem like Bitcoin is gearing up for another pullback at all. Also, don’t forget that in 2020 we were dealing with the outbreak of the COVID-19 pandemic. If that had not happened, 2020 might have looked very different for the digital currency.
Now we suffered a major setback in March 2020, which was ultimately erased by aggressive policies from central banks around the world. One by one, the central banks took drastic action to suppress a possible COVID-19 recession.
If we don’t have a sudden recession now, it would theoretically be possible to see an all-time high sooner than 2020. At that time, we had to wait until the end of the year.
Everything relies on the Spot Bitcoin ETFs
For now, Bitcoin appears to be leaning entirely on the Spot Bitcoin ETFs for this cycle. In that respect, it remains to be seen to what extent they will succeed in continuing this positive momentum in the coming weeks.
If that works, crazy things could happen in the run-up to the halving. Everyone is now aware of the effect that the halving had on the Bitcoin price in the past.
What do you think? Can Bitcoin reach a new all-time high before or around the halving in 2024?
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/bitcoin-kan-eerder-dan-verwacht-een-all-time-high-bereiken/
