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Australian Analyst Says Bitcoin Has Entered ‘Most Volatile Week’ Yet
- After declining from March to September, October has introduced fresh momentum for Bitcoin, hinting at a possible upward trend continuation.
- Crypto analyst Jason Pizzino forecasts a volatile period ahead but expects the current bullish trend, started last month, to potentially peak in February.
- Pizzino advises against waiting for a pullback, suggesting immediate investment could yield significant gains, especially before any potential corrections.
The last 6 or 7 months in crypto haven’t been easy. Bitcoin has gained 129% in the past year, made a new all-time high in March of 2024, but has been trading in a range of roughly US$15k ever since.
Related: CryptoQuant Says Retail Investors Are Starting to Come Back to Crypto Market
While it made lower highs and lower lows for much of March to early September, October seems to have finally brought new momentum. Could this really still be a real ‘Uptober’?
Most Volatile Week Still Ahead?
According to Australian YouTuber and crypto analyst Jason Pizzino, it looks like the coming few days could be quite volatile, but after that it’s “smooth sailing”.
He is basing his assumptions on market performance for the month of October so far, where all major indices have just seen their most volatile performance.
This is echoed by Bitcoin’s price performance in late September leading to the early October lows, meaning “it shouldn’t surprise us that we’re getting any sort of directions on the days that the forecast has suggested, at least around these timings for the month”, Pizzino says.
But Pizzino doesn’t believe that investors should wait around for a pullback. He predicts Bitcoin’s current upward trend, which began last month, could last six months and peak in February, referencing its similar six-month rise to an all-time high in March.
Waiting around too long could catch investors by surprise:
Anyone can double $49k, you get to $98k. Take it […] to roughly the same time frame, $98k into February, that’s 26 weeks. That’s not a bad start, but if you are getting in later, your $80/$90k range, if there is going to be a correction, that’s where things start to get pretty concerning for you.
Jason Pizzino Why You Should Pay Attention to Patterns
So, what to make of it all? In a post on X, Pizzino wrote that it would be wise for investors to “play the probabilities” in their favour.
Related: BIS Report Urges Caution, Weighs Up Pros and Cons of Asset Tokenisation
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Bitcoin has been under the current ATH for 220+ days. We were warned of this possibility in March using our TIA 3-Day Signal. Since then, we’ve seen rhyming patterns: Higher Lows, Weekly Swing Top Breaks, Diagonal Downtrend Breakout, Increasing Volume.
Jason Pizzino The indicators Pizzino mentioned do paint a picture of a market that is gaining strength, with buyers increasingly influencing price movements. This convergence of bullish signals often leads investors to anticipate further price increases, potentially leading to more buying and a self-reinforcing upward trend.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
