The cryptocurrency market is allegedly on the verge of a bull run, according to crypto expert Jason Pizzino.
Pizzino asserted in a recent YouTube video that the market is displaying strength and expansion potential comparable to earlier cycles.
“This is the start of a bull market, just like it happened in the previous cycle and the cycle before that. The beginnings aren’t always as clear.”
He underlined that the early phases of a bull market are over once the market becomes obvious and individual investors begin to invest.
“Once things are clear, that’s the end; that’s when retail is in; that’s when everybody is eager to enter the market because everybody sees the same thing,” the speaker said.
To confirm a bull market, Bitcoin must surpass $28,500
Pizzino asserted that Bitcoin would more convincingly confirm the bull market cycle if it rose beyond the critical $28,500 threshold.
He pointed out that Bitcoin’s (BTC) dip below $25,000 was brief and that it has been above this price for the previous six months.
Pizzino emphasized that in order for the bulls to continue to gather momentum, they still have work to do and must consistently post weekly closes above $26,550.
When we return above the white line at $28,500, he continued, “I can start to toot it.”
“That’s really one of those crucial levels for Bitcoin to begin consolidating above and set in those persistently higher lows before looking to attempt to breach $32,000.”
At the time of writing, Bitcoin is now trading at over $26,600, up about 3% in the last week.
Crypto Traders Await FOMC Decision on Rate Rise
Participants in the cryptocurrency market were excitedly anticipating the United States Federal Reserve’s major macroeconomic announcement for the upcoming week when Pizzino’s study was released.
The Federal Open Market Committee (FOMC) will set benchmark interest rates on September 20; the markets largely anticipate no change.
The CME FedWatch Tool estimated that when the statistics were published, showing that the consumer price index increased 0.6% in August, its largest monthly jump since 2023, the likelihood of a halt was 97%.
Popular trader Crypto Santa recently stated on X (previously Twitter) that “FOMC and Interest Rate decisions should provoke some volatility, but BTC will likely continue to trade within $25k – $27k in the immediate term…
While $26,000 remained as support, fellow trader Crypto Tony noted two probable situations.
He told X followers, “I am still searching for that fall down to $26,100 and a bounce for a long trigger.
“Either that, or I’ll look too long if we simply regain the $26,600 highs.”
