Bitcoin may peak this month: analyst forecasts

2023-12-15 13:47:42

Crypto analyst Jason Pizzino believes Bitcoin may peak within the next month before seeing a market pullback.

Price predictions can be tricky business. Yet according to one analyst a prolonged run-up in overall crypto market sentiment as measured by the Crypto Fear & Greed Index may be one factor suggesting a pullback may be coming soon.

According to Jason Pizzino, a crypto analyst on YouTube, the index’s multi-month climb to greed levels represents the longest sustained rise compared to previous market cycles.

The analyst also laid out his case for why he thinks Bitcoin (BTC) is nearing its high point for this cycle.

I’m still of the view that I think we’ll see some sort of peak this month, maybe in January. And then we start to see the market roll over, at least pause throughout the lead up into the halving.

Jason Pizzino

The sentiment can’t run up forever like this. So I suspect there’s got to be some sort of time where the market pauses and potentially tests the fear in the market again.

Jason Pizzino

Additionally, Pizzino highlighted Bitcoin’s struggle to meaningfully break above the $45,000-48,000 resistance zone despite multiple attempts over recent weeks. With upside appearing limited, he believes that new highs are not coming.

Nothing has really changed here that makes me think that this market is about to go and shoot up and test fresh highs.

Jason Pizzino

Technicals also back up the case for an imminent peak according to the analyst, as he notes alternative cryptocurrencies like Solana (SOL) are showing signs of exhaustion following extended rallies.

Many altcoins have seen significant upside from their lows this year. Ultimately, while allowing for the chance of “one last final ditch attempt” in December or January to reach newer highs, Pizzino stressed caution and risk management for traders.

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