A popular cryptocurrency analyst believes that Bitcoin (BTC) is currently in a consolidation phase before a significant price surge by the end of the year.

During a recent strategy session, Jason Pizzino, a prominent crypto analyst with a following of 330,000 on YouTube, mentioned that historical data suggests Bitcoin could potentially drop to $44,000 and still finish the year on a bullish note.

Looking ahead, Pizzino expressed his belief that by the year’s end, debates regarding price fluctuations between the $56,000 mark and the 50% level of $44,000 will seem trivial. Speculating on the possibility of Bitcoin reaching $44,000, he admitted uncertainty, stating, “Of course, I have no flipping idea whether it’s going to do that… But what I think will happen is… This emotion will have left the market. It will reset and will either grind out or bounce back quickly, and then we’ll be at higher prices by the end of the year, and to the downside that brings it out at about a 40% correction. Has this happened in the past? Yes, it definitely has happened in the past.”

Pizzino, referring to historical trends on the monthly chart, particularly those from 2016, projected a potential breakout within the next six months. Analyzing the current pattern, he noted, “So as it sits, we’ve done a seven month consolidation, pumped to the upside, and we are now into our fourth month of potential consolidation. And towards the end of the year, I would look to some sort of breakout. So I’m just looking back at history, studying what I can here, and then applying it moving forward.”

Bitcoin is presently trading at $58,541, marking a decrease of over 2% in the last 24 hours.

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