Bitcoin Analyst Jason Pizzino Suggests to Avoid ‘Dumb Money’ Mindset – Here’s His BTC Outlook
Crypto analyst Jason Pizzino, who has almost 300,000 YouTube subscribers, posted a new video today discussing the current state of the Bitcoin and cryptocurrency markets. In the video, Pizzino expresses optimism about further gains ahead for Bitcoin, which he believes could also benefit the broader altcoin market.
“There’s still some great upside potential to come for Bitcoin which then typically spills over into the altcoin market,” Pizzino stated in the video. He went on to add, “It’s probably likely we’re going to see further upside from the market.”
Pizzino pointed to historical patterns and indicators that suggest Bitcoin is in an upward trend. “32 weeks ago Bitcoin broke out of the accumulation Zone,” he explained. “It’s very unlikely that you’ll see another initial accumulation like we saw when the indicator was in the green zone.”
“It seems like we’re on the way up stair stepping into the next reaccumulation zones,” Pizzino continued.
The analyst cautioned against trying to time the market bottom and waiting for further declines before buying. “It’s a Fool’s game to play and unfortunately it’s called the dumb money,” he said. “The worst thing we can do is remain stubborn in the face of a rising market and hoping that it’s going to go back down.”
In the video, Pizzino provides an overview of Bitcoin’s price action over the past year, identifying key support levels and explaining historical accumulation zones. He concludes that the technical indicators suggest Bitcoin is in an upward trend and poised for further gains. This bullish sentiment could also translate into gains for altcoins as money flows into the broader cryptocurrency market.
With Bitcoin gaining over 20% in the last week and currently trading near $35,000, Pizzino’s analysis lends credence to the idea that there is significant upside potential still ahead. By avoiding the “dumb money” mindset of trying to time market bottoms, investors may be well-positioned to benefit from Bitcoin’s ongoing bull run.
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