Cryptocurrency analyst and trader Jason Pizzino is saying that Bitcoin (BTC) has more upside potential amid a weakening US dollar.
In a new strategy session, Pizzino tells his 353,000 YouTube subscribers that the US dollar is likely to experience “further downside,” a factor that will benefit the price of Bitcoin.
“I think this is good news for Bitcoin at this stage of the cycle…
I’m counting on the US dollar continuing down. And in this stage of the cycle, where Bitcoin still heading up, I would still count on Bitcoin going up with the weakness in the US dollar.”
Pizzino also says the stock market’s current setup, as reflected in the S&P 500 index, is another bullish catalyst for Bitcoin.
“Now, we’re seeing further upside with the S&P 500. Yes, it hasn’t hit a new all-time high today, but the trend is very much up. And generally when it breaks out of the consolidation, especially as it runs into a new fresh all-time high and runs on a clear trend, it’s Bitcoin’s time to also run nice and clean.”
The cryptocurrency analyst and trader, however, says Bitcoin is entering the “final stages of the bull market.” According to Pizzino, the conditions that trigger a bearish reversal are already forming.
“And in this final leg of the market into these highs, still everything looking quite bullish. We’re obviously seeing more companies get into Bitcoin, becoming ‘Bitcoin treasury companies.’
Essentially dead companies with their stock price going up because they hold Bitcoin. And Bitcoin is going up. So don’t necessarily make the profits that the stock price suggests, it’s that they hold an asset with that value going up.
Is there anything wrong with that? Not necessarily. But it does lead to further leverage in the system, which can and generally does unfold at the end of the cycle.”
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