Explore the exciting insights of crypto analyst Jason Pizzino as he reveals his expert projections for Bitcoin (BTC) and the S&P 500 in the final quarter of 2023.
In a recent strategic forecast, crypto analyst Jason Pizzino, renowned for his insights in the cryptocurrency world, paints a picture of what the final quarter of 2023 may have in store for both Bitcoin (BTC) and the S&P 500 (SPX). Pizzino, who boasts a substantial following of 290,000 subscribers on YouTube, outlines a scenario that could set the stage for significant market movements.
Jason Pizzino’s Bold Q4 2023 Forecasts for Bitcoin and the S&P 500,Jason Pizzino’s Bold Q4 2023 Forecasts for Bitcoin and the S&P 500
October Dip and Potential Bull Run
Pizzino anticipates a potentially rocky start to October for both Bitcoin and the S&P 500, with a dip in value. Nevertheless, this stumble may serve as a prelude to a resurgent bull market cycle for both assets. He particularly highlights the appeal of dollar-cost averaging (DCA) for Bitcoin during this period.
The analyst cautions that it won’t be a smooth upward trajectory, emphasizing the presence of considerable overhead resistance. Specifically, he points to the significant 50% level at $23,600, marking the cycle low to the current initial range. This potential resistance could influence the short-term performance of these assets.
S&P 500 Outlook
Drawing parallels with historical trends, Pizzino mentions the recurring phenomenon of October lows in the S&P 500. He speculates that the S&P 500 may touch a lower point, possibly around 4,110 points, at the beginning of October. Following this dip, he envisions a gradual ascent over the course of the fourth quarter of 2023 and the first quarter of 2024.
Bitcoin’s Potential Trajectory
For Bitcoin, Pizzino envisions a positive scenario with a promising September, followed by a rapid ascent to $23,630 in October, potentially closing the month at $28,518. However, he underlines that this is just one of the possible outcomes he’s monitoring closely.
Key Price Levels to Watch
Pizzino is keeping a vigilant eye on critical price levels for Bitcoin, which could determine the confirmation of a substantial bull market cycle post-October. He cites $28,500 as a pivotal trigger for consolidation, as surpassing this level could pave the way for testing $32,000. This level is marked by a white line on his charts.
Looking further ahead, the analyst notes additional significant milestones at the 50% level, including $42,000 (or $42,200 to be precise) and the monthly swing top at $48,200. These levels are expected to play a crucial role in Bitcoin’s potential breakout, and he hints at the possibility of reaching $35,000, $38,000, and the psychological threshold of $40,000 as well.
Jason Pizzino’s Bold Q4 2023 Forecasts for Bitcoin and the S&P 500,Jason Pizzino’s Bold Q4 2023 Forecasts for Bitcoin and the S&P 500,Jason Pizzino’s Bold Q4 2023 Forecasts for Bitcoin and the S&P 500,Jason Pizzino’s Bold Q4 2023 Forecasts for Bitcoin and the S&P 500