Bitcoin (BTC) Starts New Stages of a Bull Market

It looks like the optimistic predictions regarding the price of Bitcoin continue. Check out the latest one, revealing the new stages of a bull market.

As per cryptocurrency expert Jason Pizzino, Bitcoin’s bull market is already underway, despite the recent lack of significant price movement.

In a recent strategy session, Pizzino shared his thoughts on this matter with his large following of 290,000 subscribers on YouTube. He believes that the bull market cycle began to take shape around January and is steadily developing.

Pizzino notes that bull markets tend to start off unclear, and it can be challenging to pinpoint the exact moment when they begin.

However, once the market becomes more apparent, that’s when retail investors start getting involved, and the excitement around Bitcoin increases.

According to the analysis of the trader, Bitcoin’s bull market cycle will receive stronger confirmation once it reaches the critical $28,500 level.

Although the market has spent very little time below $25,000, the bulls still need to achieve more gains before they can celebrate. To ensure that the bulls are on the right track, the weekly closes should start above $26,550.

However, the ultimate confirmation will come when Bitcoin crosses the crucial white line at $28,500, which is essential for the coin to consolidate its position and continue building higher lows, leading up to a potential breakthrough at $32,000.

According to Glassnode’s founders, Jan Happel and Yann Allemann, Bitcoin (BTC) is poised for an upward surge, despite last week’s higher-than-expected inflation data.

The duo notes that BTC has regained its support level of $26,000 and its Risk Signal has significantly dropped. Glassnode uses the Risk Signal as a measure to determine the risk of a potential major price decline for Bitcoin.

For more details about this particular prediction, we suggest that you check out our previous article.