Popular crypto analyst Jason Pizzino is updating his 2024 outlook for Bitcoin (BTC) and the broader crypto market.
In a new YouTube strategy session, Pizzino tells his 303,000 subscribers that the history Bitcoin’s four-year cycles indicates this year could bring sizeable gains.
Pizzino notes that 2024 is a US election year, which he says has historically coincided with “ballistic” price movements when combined with the Bitcoin halving, which is expected in April.
Looking at 2012, also an election and halving year, the analyst points out how crypto markets ultimately went on a parabolic run after the election.
He says something similar may be in play for the next couple of years.
“We did have a halving in November of 2012. We had an election in 2012. And we’ve got an election coming up this year as well. And after those elections, like we’ve covered already on the channel, the markets can go absolutely ballistic. In year two, you had Litecoin, DOGE was coming about, and there were some other coins that we don’t know of anymore…
But you can see the market held its ground again, started to consolidate, broke out again, started to consolidate and then it went on this wild run, which looks pretty similar to what happened in 2016-2017. And I would say that’s pretty much where we currently sit in today’s market. Something similar, not exactly the same, but something similar as those previous years, which is why I’m looking at those years as a bit of a roadmap moving forward.”
Based on what he says has happened in the second year of each market cycle, Pizzino says he expects capital to flow out of Bitcoin and into altcoins, sending them much higher.
“Now we are in year two, Bitcoin into altcoins. We’re looking at a lot of investors starting to shift from Bitcoin into altcoins…
So going back to the cycle of 2015-2016. Year two was a fantastic year to go from BTC into alts. It doesn’t mean get rid of all the Bitcoin. It doesn’t mean get rid of all of your USD (US dollar) just for alts. But of course, you want to remain cautious here as the cycle starts to kick up in the second half of the year and we’ll see that with the percentage returns on Bitcoin over the next six to 12 months, going back 10 years in history.”
Bitcoin is trading for $45,055 at time of writing, up 3.3% in the last 24 hours.
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Source: https://dailyhodl.com/2024/01/03/2024-could-be-wild-run-for-bitcoin-btc-and-crypto-if-history-is-any-indication-analyst-jason-pizzino/