[Jason Pizzino says Bitcoin and other crypto assets are on the cusp of “big moves”]
Cryptocurrency analyst and trader Jason Pizzino shares his thoughts on the future direction of the digital asset market.
Pizzino told his 328,000 YouTube subscribers that the average true range (ATR) indicator shows that Bitcoin (BTC) and other crypto assets are about to see "another big move."
ATR is used to evaluate the volatility of an asset. A higher value indicates greater volatility, and a lower value indicates less volatility.
According to Pizzino, Bitcoin has experienced relatively small ranges of volatility recently, which could signal a bullish trend ahead.
"Basically, we saw one of the smallest days of volatility since January. So Bitcoin had a $500 range over the weekend on Saturday... Usually when this happens, you see some form of The accumulation period...in every case like this, you see a pretty significant rise."
The closely watched analyst said Bitcoin "looks relatively good" and is primed for the "next wave of gains." According to Pizzino, Bitcoin needs to go through a period of consolidation before it can surpass the all-time high of $73,800 set on March 14.
"That doesn't mean we're going to have an outbreak in a matter of days or weeks. But I think we're probably going to need some time. The price of Bitcoin has to stabilize above $72,000."
Turning to altcoins, Pizzino said the total market capitalization of this class of crypto assets is currently at a stage similar to the pre-breakout phase of other breakouts.
“I think this is a stealth move for altcoins. When this breakout happens, the stronger altcoins will gain. So, theoretically we are in the stealth phase — the stealth phase is characterized by the histogram Small average true volatility.
