- Jason Pizzino, believes Bitcoin trajectory provides sufficient information to understand prices.
- Pizzino used historical data to reveal how to identify buying opportunities ahead of a bull run.
- The last six months have been bullish for Bitcoin, marking the beginning of the next bull run.
A renowned Bitcoin analyst, Jason Pizzino, believes the Bitcoin trajectory provides sufficient information to understand prices the pioneer cryptocurrency would never revisit. Pizzino used historical price data to show the consistency in Bitcoin’s price behavior and reveal how to identify buying opportunities ahead of a bull run.
Pizzino used Bitcoin’s six-hour chart
In a video uploaded on YouTube, Pizzino used Bitcoin’s six-hour chart to show that the cryptocurrency has maintained a consistent price behavior since its creation. The chart shows that a succeeding six-month candle at the beginning of a bull run has closed below a previous bullish candle only on one occasion. At other times, once the bulls engage the market and the first six-month bullish candle forms, more green candles would follow.
Using this information, Pizzino explained that to determine a bull market, Bitcoin traders should understand it is unlikely to get more than two bearish six-month candles in a row. With that in mind, after the close of the second successive six-month bearish candle, Bitcoin traders should anticipate a bull market to kick in.
In the analysis, Pizzino also explained how to identify an entry point in a bull market. According to him, traders in a bull run may find an entry point whenever the Bitcoin price drops below the closing price of the preceding six-month period. Therefore, traders seeking long-term opportunities may pay attention to the price correction at the beginning of a new six-month period.
The last six months have been bullish for Bitcoin, potentially marking the beginning of the next bull run. From Pizzino’s analysis, a perfect entry point for Bitcoin buyers would reveal itself when the market drops below the closing price, which will be confirmed in the next few days. However, the analyst believes no matter the extent of the correction, it will be almost impossible for Bitcoin’s price to break below $15,500 in the developing bull run.
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