Cryptocurrency analyst Jason Pizzino, renowned macro investor and swing trader recently shared insights that signal a possible correction for Bitcoin, while simultaneously projecting a promising outlook for altcoins.
Pizzino’s analysis, backed by his deep understanding of market dynamics, suggests that Bitcoin, after a period of prolonged recovery, may be approaching a correction phase. This prognosis, far from being an alarm signal, paves the way for altcoins to shine, which are proving to be increasingly relevant in the cryptocurrency ecosystem.
Inside Pizzino’s analytical laboratory, a series of market indicators were meticulously examined. The focus in particular falls on the altcoin sector, where an accumulation of upside potential comes into view. This potential, according to the analyst, could trigger impactful movements in the market, especially in light of the upcoming Bitcoin halving.
In case of a deeper correction, #Bitcoin finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC.
Also, watch out for two resistance walls that could keep the #BTC uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com/NGm1XpMOLf
— Ali (@ali_charts) December 11, 2023
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Pizzino Analysis Reveals Potential Rise of Altcoins
Analysis of the US dollar index futures chart also plays a key role in Pizzino’s predictions. The downward trend of this chart and recent significant declines in a single trading day are seen as indicative of a possible further decline, which shapes overall macroeconomic conditions.
In addition to Bitcoin, Pizzino shed light on the broader cryptocurrency market. His analysis of the Total3 chart, which excludes Bitcoin and Ethereum, revealed latent growth in the altcoin sector. This potential growth is in line with the cyclical nature of the cryptocurrency market, which alternates between periods of fear and greed. The market is currently experiencing one of the longest periods of positive sentiment. This is a trend that, according to Pizzino, could soon be aligned with historical market behavior.
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In parallel, another prominent analyst, Ali Charts, highlighted a critical support zone for Bitcoin, situated between $37,150 and $38,360. In this range, a significant volume of Bitcoin transactions is recorded, establishing a solid foundation that could limit any further decline in Bitcoin’s value.
Although Bitcoin has faced a correction, it has demonstrated resilience, recovering after recent declines. However, the reduction in Bitcoin’s daily trading volume suggests a shift in investor focus to the altcoin market. This corroborates Pizzino’s prediction and possibly signals a new phase in the cryptocurrency market.
In conclusion, analyst Pizzino points to a scenario where, despite Bitcoin’s corrections, altcoins emerge as protagonists, promising a phase of significant recovery and growth.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/altcoins-em-ascensao-analista-preve-correcao-do-bitcoin-e-oportunidades-no-mercado-de-criptoativos/
