Crypto Analyst Pizzino Believes Bitcoin (BTC) Indicators Are More Telling Than Media FUD – But There’s a Catch
According to an analysis by Jason Pizzino of The Investor’s Accelerator, November 2023 is proving to be a bullish month for both the stock market and Bitcoin. Pizzino provides an in-depth technical and trend analysis to support his predictions.
What you'll learn 👉
S&P 500 and NASDAQ Breaking Out
The S&P 500 and NASDAQ have broken out of an accumulation range formed over the past several months, with Pizzino noting “We’ve broken out of our accumulation range, we’ve touched that range, nice higher closes, and the move is pushing on from there.”
He points to the higher volume on recent lows as evidence of strength, saying “Nice volume has come through on each of these lows. You can see the lows form here for the S&P 500.” Pizzino believes this indicates smart money has been steadily buying into the weakness, explaining “Every time these markets come to a significant extreme crisis, the smart money has been buying up.”
Overall, Pizzino sees the technical patterns as bullish, stating “The charts are telling us what the market wants to do next; it is telling us there is strength in the market.”
Bitcoin Continues Its Rally
Bitcoin is having an impressive year in 2023, already returning 121% year-to-date according to Pizzino. He expects Bitcoin to finish the year strong, predicting “Bitcoin returns have been green this year, 121%. We’ve got roughly six-seven weeks to go of the year, I suspect this is going to be a green year.”
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Pizzino also notes bullish signals forming in Bitcoin’s price action, explaining “We’re seeing very very good signals that the lows are forming in these markets.” He believes the indicators are more telling than media FUD, emphasizing “The market is telling us something absolutely different, regardless of what the media has been telling us about inflations and money printing.”
To analyze Bitcoin’s trends, Pizzino utilizes a custom indicator called the Gann Swing Indicator, stating “I’m using the Gan swing indicator… it’s a custom indicator that we have created here.” He sees Bitcoin in the final stages of reaccumulation, noting “We’re in the third and final reaccumulation level underneath that 50% level.”
Cautious Optimism Advised
While the technical outlook is bullish, Pizzino recommends a cautious approach, quoting Warren Buffett: “Be fearful when others are greedy, and greedy when others are fearful.” As the markets peak, he advises being selective and avoiding irrational exuberance.
Pizzino sees November 2023 as an opportune time for both stocks and Bitcoin, but suggests a studied approach focused on market trends over predictions. His custom Gann Swing Indicator points to accumulating strength headed into 2024. For continued coverage, he encourages viewers to subscribe to his channel.
Read also:
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