Is Bitcoin at the bottom? Top Crypto Analyst describes two scenarios that could signal a BTC reversal
Popular cryptocurrency analyst and trader Jason Pizzino outlines two scenarios that could indicate the end of the Bitcoin (BTC) bear market.
Pizzino tells his 279,000 YouTube subscribers that the two scenarios could signal that the final capitulation has happened and Bitcoin is on the path to recovery.
According to the crypto analyst, in the first scenario, Bitcoin could print a lower low on the monthly bar post-capitulation while printing a close that is in the range of the previous month.
“The first [scenario]similar price action possibly lower low but close within previous candle price range.”
The crypto analyst and trader says the second scenario signaling a possible upcoming Bitcoin reversal would be a strong bounce recorded after the capitulation.
“The second scenario is a strong rebound in the month following the capitulation. But only if the capitulation close was higher – I would say over about 50% to 60% of the bar.”
Pizzino says that in previous bear markets, Bitcoin tended to trade in a range after the eventual capitulation.
“In the case of Bitcoin, here we have several examples of capitulation that has dragged on for a month or two, possibly even a few more like we saw in the previous bull market.
We can return to the 2021 bull market we have the following month, which was a pre-pump grindout.
We also had the grind-out here in 2018 to 2019. We had the grind out in 2015 with several months sideways before that final capitulation and pump up. So we had two different capitulation scenarios playing out within the 2015 accumulation period.
And then, finally, here we have the capitulation of 2011, the market fell, had another month just to test those prices before rebounding, re-accumulating, rebounding, re-accumulating, and then pumping on to this bull market. “
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