Aussie Analyst Says BTC Reset Over, Prepare for What’s to Come

Aussie analyst Michael Pizzino’s recent analysis suggests that while there are temporary signs of market exhaustion, the overarching trend remains bullish. His thesis is supported by key technical levels and trend indicators across several different time frames.

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Michael is optimistic about Bitcoin’s potential to sustain its current trajectory and possibly go into the next phase of its current bull run – indicated by his analysis of Elliott Wave patterns.

Oh, and hopefully we won’t see Bitcoin go below US$53,550 (AU$79,365) anymore – but that’s not financial advice of course.

Hourly and 4-Hourly Charts:

Michael says, there’s a strong upward trend in the hourly and 4-hourly charts for Bitcoin. He notes that Bitcoin has flown past the crucial US$60,000 (AU$88,959) mark, which is a sign of strong market momentum and trend confluence across these shorter time frames.

He suggests, “holding above 60,000 bucks is an extremely bullish place for Bitcoin to be,” which shows the strength in the current price movement. He also mentions that there have been signs of short-term exhaustion but he sees these as minor unless the price falls back below US$60,000, which may mean that the “top” has been reached.

Daily Chart:

Over on the daily chart, Michael describes continued bullish indicators with Bitcoin maintaining strength above key levels like US$58,500 (AU$86,715). This aligns nicely with a 50% retracement level he considers significant.

He states that “anything above around 58.5 is still strong,” which shows a robust support zone that, if maintained, could lead to more upward movement.

Macro View:

When it comes to the broader, more macro perspective, Michael considers the recent price movements as part of a larger bullish cycle potentially leading into the final stages of a bull market. He refers to the Elliott Wave theory, suggesting that Bitcoin might be entering the fifth and final leg of its bull market cycle.

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This is bullish and, in his view, could lead to more gains if the market maintains current levels.

So perhaps, we are going to be seeing a flipping of the weekly trend as well.

Michael Pizzino

Overall, Michael’s analysis suggests that while there are temporary signs of market exhaustion, the predominant trend remains bullish, supported by key technical levels and trend indicators across multiple time frames.