Jason Pizzino, a popular crypto trader and analyst, sees signs that Bitcoin is in an accumulation stage.
Pizzino tells his 279,000 YouTube subscribers that, based on the market-value-to-realized-value (MVRV) ratio, Bitcoin may only have a few months left in the late-stage bear accumulation zone.
“We may only have five months left of Bitcoin being underneath this [MVRV accumulation] zone which in the past has called for some pretty good buy opportunities before the market starts to accumulate at higher prices, like it did in 2015 and again in 2019 and 2020 and then go on to those next bull markets.”
Below one MVRV value indicates that the market is in serious trouble and that there has been an accumulation. Bitcoin’s MVRV ratio At the time of writing, it is currently at 0.85
The crypto trader and analyst says that Bitcoin will likely fall below the low of $15,600 in 2022.
“It can be easy for many investors to be left behind because they’re expecting lower and lower prices. But a lot of the data is showing that if we haven’t hit that exact price bottom on Bitcoin, we’re probably somewhere around it.”
Pizzino says that Bitcoin could reach a bottom between $13,000 and $14,000 if there is resistance at the $18,500 mark.
“We want to see whether Bitcoin is going to test those upper prices, first hit that $18,500, that’s going to be a key level. I think if we break that then we’ll probably put in a higher low around that March-April period.
But if we don’t, if we’re unable to get past that $18,500, then we’ll probably put in some sort of lower low.
How far down is that? That is anyone’s guess. But if we’re using some of the probabilities and looking back on the chart, looking at history, then we would have to say that it’s going to be somewhere around that $13,000 to $14,000, which has held the market up in the past.”
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Disclaimer: The Daily Hodl’s opinions do not constitute investment advice. Investors are advised to do their homework before investing in high-risk digital assets, including Bitcoin and cryptocurrency. Your transactions and losses are your responsibility. The Daily Hodl doesn’t recommend any cryptocurrency or digital asset trading. The Daily Hodl is an affiliate marketer.
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