{"id":565563,"date":"2023-12-15T19:30:09","date_gmt":"2023-12-15T19:30:09","guid":{"rendered":"https:\/\/wncen.com\/?p=565563"},"modified":"2024-06-11T14:43:19","modified_gmt":"2024-06-11T14:43:19","slug":"altcoin-season-incoming-analyst-forecasts-further-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoin-season-incoming-analyst-forecasts-further-bitcoin\/","title":{"rendered":"Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing"},"content":{"rendered":"

Jason Pizzino, a seasoned macro investor and swing trader, has recently put forward<\/a> his analysis indicating a potential pullback for Bitcoin.<\/p>\n

His observations, informed by a deep understanding of market dynamics, suggest that Bitcoin\u2019s prolonged rally could soon give way to further correction.<\/p>\n

Altcoins Set To Shine As Bitcoin Undergoes Correction<\/h2>\n

Pizzino’s analysis is grounded in a comprehensive review of various market indicators. The analyst has been closely monitoring the altcoin sector, noting an accumulation of upside potential which could lead to impactful market movements, especially with the upcoming Bitcoin halving in view.<\/p>\n

Related Reading: Bitcoin\u2019s Unshakable Bottom: Analyst Reveals The Price BTC Won\u2019t Drop Below<\/a><\/div>\n

This anticipation of a shift in market sentiment is further supported by his examination of the US Dollar Index Futures chart, which shows a downward trend and recent significant drops in a single trading day.<\/p>\n

\"US
US dollar Index (DXY) price is moving sideways on the 4-hour chart| Source: DXY on TradingView.com<\/a><\/figcaption><\/figure>\n

Pizzino interprets these movements as indicators of further downside, influenced by the general macroeconomic conditions.<\/p>\n

While Bitcoin braces for potential setbacks, Pizzino’s analysis reveals a silver lining for the broader cryptocurrency market, particularly altcoins. His study of the Total3 chart, excluding Bitcoin and Ethereum, shows a latent potential for growth<\/a> in the altcoin sector.<\/p>\n

This observation aligns with the cyclic nature of the crypto market, characterized by alternating periods of fear and greed. According to Pizzino, the market is currently experiencing one of its lengthiest stretch of positive sentiment<\/a>, a trend he expects to shift in alignment with historical market behaviors.<\/p>\n

Bitcoin’s Strong Support Zone And Emerging Altcoin Focus<\/h2>\n

In parallel, another prominent crypto analyst, Ali Charts, has identified a critical support zone<\/a> for Bitcoin. Between $37,150 and $38,360, a substantial number of Bitcoin transactions have occurred, with roughly 1.52 million addresses purchasing around 534,000 BTC.<\/p>\n

\n

In case of a deeper correction, #Bitcoin<\/a> finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC<\/a>.<\/p>\n

Also, watch out for two resistance walls that could keep the #BTC<\/a> uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com\/NGm1XpMOLf<\/a><\/p>\n

\u2014 Ali (@ali_charts) December 11, 2023<\/a><\/p><\/blockquote>\n

This significant level of accumulation has established a strong foundation, potentially curtailing any further decline in Bitcoin\u2019s value below that level.<\/p>\n

Related Reading: Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In<\/a><\/div>\n

Despite the correction, Bitcoin has shown resilience in its recovery from recent dips. Although the asset is still down by 2.7% over the past week and nearly 1% in the past 24 hours, it has managed to surpass the $42,000<\/a> mark after previously falling below $41,000 on Tuesday.<\/p>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

However, a noticeable decline in Bitcoin’s daily trading volume, from $30 billion earlier this week to $13.6 billion, hints at a shift in investor focus towards the altcoin market. This aligns with Pizzino\u2019s prediction and could be the harbinger of a new phase<\/a> in the crypto market, where altcoins demonstrate significant rally alongside Bitcoin.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Jason Pizzino, a seasoned macro investor and swing trader, has recently put forward his analysis indicating a potential pullback for Bitcoin. His observations, informed by a deep understanding of market dynamics, suggest that Bitcoin\u2019s prolonged rally could soon give way to further correction. Altcoins Set To Shine As Bitcoin Undergoes Correction Pizzino’s analysis is grounded in a comprehensive review of various market indicators. The analyst has been closely monitoring the altcoin sector, noting an accumulation of upside potential which could lead to impactful market movements, especially with the upcoming Bitcoin halving in view. Related Reading: Bitcoin\u2019s Unshakable Bottom: Analyst Reveals The Price BTC Won\u2019t Drop Below This anticipation of a shift in market sentiment is further supported by his examination of the US Dollar Index Futures chart, which shows a downward trend and recent significant drops in a single trading day. Pizzino interprets these movements as indicators of further downside, influenced by the general macroeconomic conditions. While Bitcoin braces for potential setbacks, Pizzino’s analysis reveals a silver lining for the broader cryptocurrency market, particularly altcoins. His study of the Total3 chart, excluding Bitcoin and Ethereum, shows a latent potential for growth in the altcoin sector. This observation aligns with the cyclic nature of the crypto market, characterized by alternating periods of fear and greed. According to Pizzino, the market is currently experiencing one of its lengthiest stretch of positive sentiment, a trend he expects to shift in alignment with historical market behaviors. Bitcoin’s Strong Support Zone And Emerging Altcoin Focus In parallel, another prominent crypto analyst, Ali Charts, has identified a critical support zone for Bitcoin. Between $37,150 and $38,360, a substantial number of Bitcoin transactions have occurred, with roughly 1.52 million addresses purchasing around 534,000 BTC. In case of a deeper correction, #Bitcoin finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC. Also, watch out for two resistance walls that could keep the #BTC uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com\/NGm1XpMOLf \u2014 Ali (@ali_charts) December 11, 2023 This significant level of accumulation has established a strong foundation, potentially curtailing any further decline in Bitcoin\u2019s value below that level. Related Reading: Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In Despite the correction, Bitcoin has shown resilience in its recovery from recent dips. Although the asset is still down by 2.7% over the past week and nearly 1% in the past 24 hours, it has managed to surpass the $42,000 mark after previously falling below $41,000 on Tuesday. However, a noticeable decline in Bitcoin’s daily trading volume, from $30 billion earlier this week to $13.6 billion, hints at a shift in investor focus towards the altcoin market. This aligns with Pizzino\u2019s prediction and could be the harbinger of a new phase in the crypto market, where altcoins demonstrate significant rally alongside Bitcoin. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":559400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,1119,78790,79522,5161],"class_list":["post-565563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-btc","tag-btcusdt","tag-dxy","tag-us-dollar-index"],"acf":[],"yoast_head":"\nAltcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing<\/title>\n<meta name=\"description\" content=\"Jason Pizzino, a seasoned macro investor and swing trader has recently put forward his analysis indicating potential pullback for Bitcoin...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing","url":"http:\/\/wncen.com\/news\/altcoin-season-incoming-analyst-forecasts-further-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/altcoin-season-incoming-analyst-forecasts-further-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Pakistanis-Turn-To-Crypto-As-Remittances-Waver-.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Pakistanis-Turn-To-Crypto-As-Remittances-Waver-.jpg?fit=900%2C599"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","btc","btcusdt","dxy","us dollar index"],"dateCreated":"2023-12-15T19:30:09Z","datePublished":"2023-12-15T19:30:09Z","dateModified":"2024-06-11T14:43:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/altcoin-season-incoming-analyst-forecasts-further-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/altcoin-season-incoming-analyst-forecasts-further-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Pakistanis-Turn-To-Crypto-As-Remittances-Waver-.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Pakistanis-Turn-To-Crypto-As-Remittances-Waver-.jpg?fit=900%2C599\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"btc\",\"btcusdt\",\"dxy\",\"us dollar index\"],\"dateCreated\":\"2023-12-15T19:30:09Z\",\"datePublished\":\"2023-12-15T19:30:09Z\",\"dateModified\":\"2024-06-11T14:43:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Pakistanis-Turn-To-Crypto-As-Remittances-Waver-.jpg?fit=900%2C599","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/565563"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=565563"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/565563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/559400"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=565563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=565563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=565563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}