{"id":62290,"date":"2023-09-18T02:39:16","date_gmt":"2023-09-18T06:39:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-analyst-predicts-market-is-gearing-up-for-a-bull-run\/"},"modified":"2023-09-18T02:39:19","modified_gmt":"2023-09-18T06:39:19","slug":"crypto-analyst-predicts-market-is-gearing-up-for-a-bull-run","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62290","title":{"rendered":"Crypto Analyst Predicts Market is Gearing Up For a Bull Run"},"content":{"rendered":"
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Crypto analyst\u00a0Jason Pizzino<\/strong>\u00a0has suggested that the cryptocurrency market is on the cusp of a bull run.\u00a0<\/p>\n

In a\u00a0recent\u00a0YouTube\u00a0<\/strong>video, Pizzino claimed that the market is showing strength and potential for growth similar to previous cycles.<\/p>\n

“This is the beginning of a bull market just like it happened the previous cycle and the previous cycle before that. The beginnings aren’t always as clear.”\u00a0<\/p>\n

He emphasized that once the market becomes clear and retail investors jump in, it means the end of the early stages of a bull market.<\/p>\n

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“Once things become clear, that\u2019s the end. That\u2019s when retail is in. That\u2019s when everyone else is excited to get into the market because everyone else sees the same thing.”<\/p>\n<\/blockquote>\n

Bitcoin Needs to Surpass $28,500 to Confirm Bull Market<\/h2>\n

Pizzino claimed that Bitcoin’s confirmation of the bull market cycle would be more convincing if it surpassed the crucial $28,500 level.\u00a0<\/p>\n

He noted that\u00a0Bitcoin (BTC)\u00a0has spent minimal time below $25,000 and has maintained its position above this level for the past six months.\u00a0<\/p>\n

However, Pizzino stressed that the bulls have more work to do and need to see consistent weekly closes above $26,550 to gain further momentum.<\/p>\n

“I can start to toot it when we get back above the white line here at $28,500,” he said.<\/p>\n

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“That\u2019s pretty much one of those key levels for Bitcoin to start to consolidate above and put in those continued higher lows to then look to attempt to break $32,000.”<\/p>\n<\/blockquote>\n

As of the time of writing, Bitcoin is trading at around $26,600, showing a nearly 3 percent increase over the past seven days.\u00a0<\/p>\n

Crypto Traders Await FOMC Rate Rise Decision<\/h2>\n

Pizzino’s analysis comes as crypto market participants were eagerly awaiting the coming week\u2019s key macroeconomic event from the United States Federal Reserve.<\/p>\n

On September 20, the\u00a0Federal Open Market Committee (FOMC)<\/strong>\u00a0will decide benchmark interest rates, with markets overwhelmingly expecting them to remain unchanged.<\/p>\n

According to the\u00a0CME FedWatch Tool, the probability of a pause stood at 97% after the data were released, which showed the consumer price index rose 0.6% in August, its biggest monthly gain of 2023.<\/p>\n

“FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term\u2026,\u201d popular trader Crypto Santa said in a recent comment on X (formerly Twitter).<\/p>\n

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Meanwhile, fellow trader Crypto Tony highlighted two potential scenarios, with $26,000 holding as support.<\/p>\n

\u201cI am still looking for that dip down to $26,100 and a bounce for a long trigger,\u201d he\u00a0told<\/a>\u00a0X subscribers.<\/p>\n

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\u201cEither that or if we just reclaim $26,600 highs i will look to long.\u201d<\/p>\n<\/blockquote><\/div>\n