Crypto Analyst Jason Pizzino Predicts the Future of Bitcoin (BTC) and the S&P 500 in Q4 2023

Crypto analyst Jason Pizzino anticipates a plausible scenario for both Bitcoin (BTC) and the S&P 500 (SPX) in the upcoming months.

In a recent strategy session, Pizzino, addressing his 290,000 YouTube subscribers, suggests that both Bitcoin (BTC) and the S&P 500 (SPX) may experience a dip at the beginning of October before entering a bullish market cycle.

Pizzino outlines his perspective, stating, "I’m thinking this period here, that quarter three of 2023, early quarter four, might be the next best opportunities for those [Bitcoin] DCAs (dollar-cost averaging)…"

He acknowledges the potential for short-term downside, citing overhead resistance levels, including the macro level at $23,600. Pizzino speculates that October might witness a slight dip, drawing parallels with historical patterns in the S&P 500. For Bitcoin, he envisions a scenario where it experiences a positive September, a quick move to $23,630 in October, followed by a higher close at $28,518.

Pizzino emphasizes the importance of key upside levels for Bitcoin, particularly highlighting the significance of $28,500 as a trigger for consolidation and the testing of $32,000. Beyond this, he identifies critical levels at $42,000 and $48,200, considering them significant markers for a potential massive bull market cycle after October.

The trader emphasizes the importance of closely monitoring the market's ability to overcome these key levels, which would impact the probabilities of further downside moves past $25,000. He also notes additional milestones at $35,000, $38,000, and the psychological barrier of $40,000.

As of the current writing, the S&P 500 stands at 4,288 points, while Bitcoin is currently trading at $27,522, reflecting a 1.5% decrease in the last 24 hours.

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Oct 03, 2023