A crypto strategist closely monitored suggests that Bitcoin (BTC) is in a phase of consolidation, gearing up for a significant breakout by the end of the year.

During a recent strategic analysis session, cryptocurrency expert Jason Pizzino, addressing his audience of 330,000 YouTube followers, points out that based on historical trends, Bitcoin could potentially dip to as low as $44,000 and still show bullish signs towards the year’s close.

Looking ahead, Pizzino speculates, “As we approach the year’s end, retrospective views might question the significance of debates around price levels ranging from the lower end near $56,000 to the key 50% mark of $44,000. Could it reach $44,000? Frankly, I can’t predict its exact trajectory… However, what I anticipate is a shift in sentiment within the market. It will readjust, possibly recovering swiftly, paving the way for higher price levels by year-end, even if this involves a roughly 40% correction downwards. This kind of scenario has occurred in the past, without a doubt.”

The analyst anticipates a potential breakout within the coming six months based on historical data gleaned from monthly charts, drawing comparisons to patterns observed back in 2016.

Pizzino elaborates, “Currently, we’ve witnessed a consolidation phase spanning seven months, followed by an uptick, and now we find ourselves in the fourth month of a probable consolidation phase. Towards the end of the year, I foresee a breakthrough of sorts. By analyzing past trends and applying those insights to the future, I aim to gauge potential movements.”

As of now, Bitcoin is valued at $58,541, reflecting a decrease of over 2% in the past 24 hours.

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