A popular crypto analyst thinks Bitcoin (BTC) is setting itself up for “big blow-off top moves.”
In a new YouTube video, Jason Pizzino tells his 331,000 subscribers that he thinks higher volume and higher closes on the daily chart indicate that $53,500 was Bitcoin’s low.
The analyst believes the top crypto asset could “go parabolic” for the next 4-6 quarters.
“This cycle so far we’ve seen two red quarters, so it could be one more red quarter to come up for Bitcoin, maybe two. Just looking at only these last few data points, and on the other hand, it doesn’t mean that we have to have any more significant red quarters. There could be one, there might not be any others. So after this point breakouts leading into this quarter 4 of 2024 and then into 2025 I think we are on for some big, big moves, dare I say big blow-off top moves.”
In technical analysis, a blow-off top is a chart pattern showing a sudden rise in price that is followed by a sharp decline.
BTC is trading at $64,600 at time of writing. The top-ranked crypto asset by market cap is down more than 0.5% in the past 24 hours but up more than 12% in the past week.
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