Cryptocurrency expert and trader Jason Pizzino shares his insights on the potential future direction of the digital asset market. Pizzino informs his 328,000 YouTube followers that the Average True Range indicator is indicating the likelihood of “another significant move” for Bitcoin (BTC) and other cryptocurrencies. This indicator is utilized to gauge the volatility of an asset, with higher values signaling higher volatility and lower values indicating lower volatility.

Pizzino notes that Bitcoin recently experienced a relatively narrow range, which could hint at a forthcoming bullish trend. He explains, “We’ve observed one of the smallest trading days since January. Bitcoin had a $500 range day over the weekend on Saturday… typically, when this occurs, there is usually a consolidation period… in each of these instances, we have seen a substantial upward movement.”

The respected analyst believes that Bitcoin is still in a favorable position and is poised for the “next leg to commence.” Before surpassing the all-time high of $73,800 achieved on March 14th, Pizzino suggests that Bitcoin must first undergo a consolidation phase. He clarifies, “This doesn’t mean that we will skyrocket in a matter of days or weeks. But I believe we may need some more time here. Bitcoin’s price needs to consolidate above $72,000.”

As of the time of writing, Bitcoin is trading at $70,984. Shifting focus to altcoins, Pizzino highlights that the combined market cap of these cryptocurrencies is currently in a phase reminiscent of previous breakout periods. He comments, “I view this as a stealth move for altcoins. The stronger ones will likely see gains when this breakout occurs. The idea here is that we are currently in stealth mode, as indicated by the small average true ranges of the bars.”

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