Popular YouTube star Jason Pizzino, who has over 292,000 subscribers, posted a new video today urging caution and patience as Bitcoin trades above $35,000.
In the video, Pizzino reminds viewers not to get caught up in overly bullish or bearish narratives, saying “The masses always get it wrong.” He cautions against joining the “Mega bears” who have incorrectly predicted Bitcoin’s collapse.
Pizzino notes we are seeing “higher lows and higher highs” indicating a potential bull market. However, he warns traders about FOMO, saying “if you wait for confirmation at higher levels, you miss out on the reward to the upside.”
He adds: “Be prepared for all of the narratives, all of the same narratives that we heard in the past, plus all the new narratives that are just looming out there telling us why these markets are going to be here forever. It is never the case, never the case, just remember that.”
The YouTube star advises being selective when investing in altcoins, recommending to “pick the altcoins that are going to be stronger for you.” He adds there are now over 2 million cryptocurrencies and investors should be wary of “shitcoins.”
Pizzino further cautions: “The markets can run 10x, 20x, 30x, you’re going to have to pick the altcoins that are going to be stronger for you. Essentially, if you get in, try to get in closer to the lows, then you run the risk of the market heading back down, but if you wait for confirmation at higher levels, you miss out on the reward to the upside, the bigger gains because you’re not getting in as low.”
Pizzino Discusses Bitcoin Dominance As Key Market Indicator
In addition to his general advice on crypto investing, Pizzino also specifically discusses Bitcoin dominance as an important indicator of market sentiment.
“You want to see that money flowing back into Bitcoin and out of the altcoins… the Bitcoin dominance has been up since the cycle low, that’s a good sign,” Pizzino states in the video.
He suggests that a rise in Bitcoin dominance often signifies capital rotating out of altcoins and back into Bitcoin. Pizzino notes these periods can precede increased interest in altcoins again, as investors may think it’s time for an “alt season.”
Observing the flows between Bitcoin and altcoins signaled by dominance trends can help identify potential entry and exit points, according to Pizzino. He advises viewers to watch the Bitcoin dominance chart to help determine opportune times to invest, implying that an uptrend in dominance could foreshadow a prudent time to buy Bitcoin.
By paying attention to market indicators like Bitcoin dominance, Pizzino underscores the importance of a data-driven approach to crypto investing. He urges investors to make decisions based on diligent analysis rather than getting swept up in hype cycles.
Ultimately, Pizzino stresses the importance of timing when deciding to invest in cryptocurrencies. He advises viewers to pay attention to the Bitcoin dominance chart to help determine when might be a good time to get into the market, implying that a rising dominance could be a signal to consider loading up on Bitcoin before a potential shift to altcoins. Pizzino suggests monitoring Bitcoin dominance for indicators of when the market may be signaling an opportune entry point for investors to capitalize on.
In closing, Pizzino tells viewers: “Is it time to load up? I hope that you’ve been able to answer those questions for yourself.” He invites Australian fans to attend a crypto convention in Melbourne this weekend where he will be speaking.
With Bitcoin volatility expected to continue, Pizzino advocates a balanced approach – seizing opportunities but always being wary of market risks and hype. His video provides useful perspective for crypto investors navigating uncertain times.
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