Jason Pizzino, an experienced crypto trader, and technical analyst, recently appeared on his youtube channel, showing how close the Bitcoin price is to hitting the four-year cycle low and the possible outcome of such a major market event.
- Jason has examined the last 51 monthly bars of Bitcoin and revealed three major market bottoms formed every four years. According to his analysis, the support level at 13242.62 could be the latest major bottom for the crypto asset. He believes the price may rebound to a long-term uptrend if Bitcoin hits the respective support zone.
- Bitcoin cycles begin with little to no market interest. However, asset prices often increase as interest and demand increase to keep up with the escalating demand. Prices eventually peak and begin to decline as supply exceeds demand and interest rates start to fall. Each cycle has an end and a beginning.
- The price pulling back to the 4-year cycle low may unlock fresh opportunities to go long with Bitcoin. He said, “you wait for the low to come in, and it bounces back to 17K, gives it’s almost like the same price and your risk rewards about the same you’ve got some lower level prices for support.”
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