Crypto analyst Jason Pizzino thinks the recent crypto market downturn might be over. He’s seeing some positive signs that suggest we’ve hit the bottom.
Signs of a Bottom
Pizzino points to a few key indicators:
- 50% Retracement: The total crypto market capitalization bounced back after hitting the 50% retracement level on the weekly chart. This suggests a balanced market.
- Timeframe Balance: It took about 21-26 weeks for the market to go from the bottom to the top and then back down to the 50% retracement level. This symmetry in time is another positive sign.
- Fear & Greed Index: The Crypto Fear & Greed Index is showing extreme fear, which indicates oversold conditions. This is often a sign that a market is nearing a bottom.
- Strong Volume: The bounce back was accompanied by strong trading volume, which is another good sign.
Pizzino’s Conclusion
Pizzino believes these signals are coming together to suggest that the crypto market correction might be over. However, he emphasizes that this is just his analysis, and investors should do their own research before making any investment decisions.
