Trader Jason Pizzino predicts Bitcoin fireworks and says BTC could mirror 2023 price action – here’s his timeline

A widely followed crypto strategist believes that Bitcoin (BTC)’s consolidation over the past few months resembles a price pattern that presaged last year’s parabolic rise.

In a new strategy session, analyst Jason Pizzino tells his 330,000 YouTube subscribers that Bitcoin’s consolidation since March is reminiscent of last year’s price action, when BTC experienced mostly sideways movement for six months before a three-fold increase.

“This looks pretty similar to the previous move in 2023. You have about six months in this range before it absolutely pumps out of this zone.”

Pizzino also says that the upcoming US presidential election makes him optimistic about BTC. According to the analyst, Bitcoin experienced a major breakout in November 2020 – the month Americans voted to elect Joe Biden as their president.

“I’m also concerned about the upcoming election and I don’t know how this will play out at election time. Whether it will take another month or so to get above (its all-time high) because of the November election and then whether we’ll see the breakout like we did in 2020.

In October, there was a breakout from the peaks. But then, in November after the election, the price began to test the old all-time high.

Either way, I think we’re going to see fireworks in Q4. But Q3 is now the recovery phase and the time to hit that new, fresh price…

Similar pattern to last time – maybe we can get a big pump out. It’s happened before.”

At the time of writing, Bitcoin is trading at $56,985, up nearly 2% on the day.

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