Bitcoin price is currently consolidating around the $60,000 level and according to Jason Pizzino, the digital currency is preparing for a massive upward breakout. The analyst tells his hundreds of thousands of followers on YouTube that Bitcoin has a tendency to bore people before the value of the digital currency explodes.

Bitcoin is going to shock people

Jason Pizzino thinks Bitcoin is going to shock people. The analyst said we saw exactly the same thing in 2023, just before the digital currency went upside down three times.

“The big price explosion is going to shock a lot of people. Look at what happened in 2023 from March to the breakout in October.

A big seven-month consolidation caused the price to explode from $25,000 to almost $74,000. I’m not saying we’re going to get an exact percentage increase. I’m just talking about a significant move that pushes the price really hard,” Pizzino said.

Pizzino says Bitcoin appears to be following in the footsteps of the 2016-2017 bull market. In 2016, the bull market started slowly before erupting into a parabolic rise in 2017.

According to the analyst, Bitcoin now also appears to be in a more “organized” upward price movement.

Bitcoin in trouble?

At the moment, however, Bitcoin does not seem ready for that parabolic rise. The macroeconomic climate is so uncertain that it is difficult for the digital currency to make new steps upwards.

The battle against inflation, especially in the United States, does not seem to be over yet. For that reason, the American central bank (Federal Reserve) cannot yet lower the interest rate and that is blocking Bitcoin a bit at the moment.

In that respect, the coming weeks will be very important for the digital currency. Next Thursday, another US consumer price index (CPI) print is scheduled.

If it comes in lower than expected again, the Federal Reserve could potentially begin cutting rates in September.

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