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Aussie Analyst Warns Time To Buy Bitcoin May Be Over – Why You Might Not Be Bullish Enough For The Upcoming Boom!
- Content creator and analyst Jason Pizzino believes improving macroeconomic conditions is likely to be a huge factor in crypto’s performance throughout 2024.
- As real estate and stock markets worldwide hit record-highs, positivity is returning to investors after the Covid slowdown.
- Pizzino has set several targets for Bitcoin moving into April, where he believes the coin may find resistance in the USD $78-82K area.
Australian crypto investor and trader Jason Pizzino has put investors on notice – assets in 2024 are about to “go ballistic”. According to the Aussie trader, the macroeconomic environment is set to play a big role in a potential crypto boom, and as more money starts flowing into the stock market and real estate industries, the same may be true for Bitcoin.
Related: Pomp Weighs In On CNBC Anchor’s Claim That Bitcoin Is Fairy Dust, Doesn’t Serve As Inflation Hedge
The “Everything Bubble” – All-Time Highs Across the Board
Despite the challenges from Covid, markets across the world have more than recovered from the global pandemic. Pizzino examined stock indices from major economic nations, such as the United States, Australia, Britain and Japan, revealing each market had hit a new ATH in Q1 2024.
Similarly, based on historic real estate cycles, property is on the precipice of its next major bull run which will have a significant flow-on effect to the crypto market.
Pizzino summarised all of this in one simple line:
We are not bullish enough.
Jason Pizzino However, in the short-term, Pizzino believes a correction might be on the horizon. Looking at a month-to-month performance chart of Bitcoin, the cryptocurrency has posted 7 positive months in a row. In the coin’s decade-long history, this has only been done once before. Based on the data, it seems like a consolidation period may be coming soon – although this does not mean that over a medium-to-long term, Bitcoin can’t still enjoy a stellar 2024.
In fact, Pizzino’s price target for Bitcoin – using a historical analysis of the 2021 bull cycle – is approximately USD $81,300 (AUD $125K), where BTC might find resistance for the next little while throughout April.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
