Closely followed crypto analyst Jason Pizzino is laying out a timeline for when Bitcoin (BTC) could see its next all-time high above the $69,000 level.
In a new strategy session, Pizzino tells his 292,000 YouTube subscribers that Bitcoin has historically entered its own bear markets and accumulation phases after the S&P 500 has topped out.
With the S&P500 well below its all-time high and potentially consolidating between the 4,400 and 3,700 range, Pizzino says that sometime in the next eleven months, the S&P may recover to new highs, bringing Bitcoin up with it.
He estimates that by September of 2024, the S&P500 will have already made new highs and Bitcoin may be targeting the $70,000 level once again.
“In each of those occasions, the S&P500 has made a new all-time high while Bitcoin has been underneath its own all-time high. We’re still underneath the all-time high, and we still have roughly 11 months to go to the end of this accumulation of course, give or take a month or two on either side. These are macrocycles and we need to have some tolerance to the numbers themselves, but roughly speaking we’re probably about halfway through that accumulation period or at least we’ve got half the time to go before Bitcoin breaks out off its previous all-time high of $69,000.
With that in mind, we can then start to throw a couple of numbers or a couple of dates out there. We look at roughly 11 months from now. It takes us out to September of 2024, so potentially sometime in the second half of 2024 is when Bitcoin will be above $60,000 or $70,000.”
At time of writing, Bitcoin is trading at $34,318.
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