Jason Pizzino, a full-fledged macro investor and swing trader, said Bitcoin has built up enough momentum to begin a pullback. In doing so, he identified growing potential in the altcoin market that could lead to significant changes in market behavior ahead of the upcoming Bitcoin halving. 📈💰
In his recently posted video, Pizzino explained the key indicators that reflect market sentiment, confirmed as an essential aspect of his market analysis. According to the analyst, these are the tools he relies on to predict the markets. 📊🔍
Using a chart of US Dollar Index futures, Pizzino showed that the dollar is trending lower and recently declined significantly in a single trading day. He expressed the expectation of further decline in the dollar due to prevailing macro conditions. 💹💸
According to Pizzino, the stock market was heading to significant levels, which represents a positive signal for Bitcoin and cryptocurrencies. The swing trader noted that the flagship cryptocurrency had ample rest since December 5, coinciding with the 50% Fibonacci retracement level.
He suggested that the correction may drag on until the level is retested, perhaps in 2024. According to his forecast, Bitcoin's next target will be to break through the $48,000 level, the monthly swing upper set in March 2022. 🚀🎯
Pizzino noted that the crypto market is in one of the longest periods of positive market sentiment. Using the Fear and Greed Index, it showed a series of higher peaks and troughs in the sentiment chart over a long period.
Overall, Pizzino believes the Bitcoin market has built up momentum long enough to begin a pullback that will drive greed out of the market. However, he noticed potential in the altcoin market based on an analysis of the Total3 chart, which reflects the capitalization of all cryptocurrencies, excluding Bitcoin and Ethereum. 📉🔄
