Analyst Michael Pizzino warns that despite strong macro trends, there could be a bearish shift for the crypto market over the next 12 months.
Pizzino has identified potential major market corrections, particularly when Bitcoin is experiencing a “satisfaction bounce” with support levels below US$74,000.
Nevertheless, he advises investors to remain adaptable and consider broader macroeconomic trends, rather than relying solely on short-term analysis.
Be honest – there are many FUDs in the market at the moment.
Bitcoin has dropped nearly 10% over the past week, losing grip at a support level of 10,000 US dollars ($160,000).
And then some major altcoins were attacked even more violently (I’m looking at you, Solana).
But taking a step back, we realize that in 2024 the crypto market has come a long way, and the corrections we are experiencing are very normal.
But things could have a darker turn over the next 12 months, according to renowned Australian analyst Michael Pizzino.
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Pizzino analyzes the bear signal of Ethereum and Solana
Michael Pizzino’s latest video focuses on technical analysis of three major cryptocurrencies: Bitcoin, Ethereum and Solana.
Analysts point out that both Ethereum and Solana have been down for three consecutive days, allowing them to inform the macro double top. Essentially, this is a bearish trend that could potentially be longer than expected to move in 2025.
Bitcoin has not yet caused the same signal, but it is on the road towards it.
This could be a macro double top, a very bearish signal. Now it’s the early days… (but) we shouldn’t ignore the same signal to bitcoin that March’s top, which led to a very long and serious downturn in the market .
Michael Pizzino, trader and analyst at Tia Crypto Pizzino notes that Bitcoin’s broader macroeconomic trends remain positive and bullish trends remain intact.
He also highlights the risk of overreliance in short- and long-term analyses, as larger time frame trends are more reliable. Therefore, it is important for investors to remain adaptable rather than stubbornly sticking to a single, short-term approach.
Pizzino warns of “a bounce of self-satisfaction” and causes liquidation in seemingly bullish trends
Despite the long-term trends seem bullish, Pigino believes that certain events can cause a complete liquidation from the crypto scene (for some time anyway).
Analyzing the Bluemarket cycle, Pizzino suggests the potential for major market corrections before investors enter the final stage of the uptrend.
He has identified Bitcoin support level as a major signal at US$74,000 (AU$118K).
If the market falls below this level as part of the correction, it can be considered bottom by traders and a quick, sharp price can bounce back.
However, if this bounce occurs in market activity (volume and independent traders), he can view it as a “bounce of self-satisfaction” and show the top of the market.
Even if we get a bounce (from 74,000 USD), I’m very looking for a low height in the macro and looking for a big photo bouncing for me… I actually cleared everything up It’s one of the big signals we’re tracking to do…the market is likely to be at the top…and we’ll be put in a bear market that’s pretty savage and long-lasting.
Michael Pizzino, trader and analyst at Tia Crypto That said, Pizzino is looking for reasons why his analysis could be wrong by highlighting the need for investors to “listen to what the market is saying.”