Cryptocurrency Youtuber Jason Pizzino posted a video on January 5, titled, “History Shows Bitcoin Has 6 Months Left Before It Ends,” discussing the Bitcoin MVRV Pivotal Moment.
He starts the video by looking at the S&P 500 index highlighting that the S&P is still holding above the 50% level since December 16, 2022, however, the YouTuber anticipates a move upwards. Moreover, he holds the support level at $3,800, in case the upwards movement doesn’t manifest.
Pizzino emphasizes that his focus is more on the macroeconomics of the market instead of a 2% improvement or loss. Nevertheless, he claims that $3,600 is still a safe range with room to recover moving forward.
He then moves on to the BTCUSD index where he observes that in the past Bitcoin has experienced 400 days down and 363 days down before undergoing a recovery upwards. Currently, Bitcoin is down for 376 days and Pizzoni shares it might extend further.
In the period from 2018 to 2020 when the pandemic hit the market, Bitcoin price went 817 days down to roughly $3,800. Pizzoni adds that during this time, investors saw the opportunity and bought BTC, holding the price up at almost $8,000 to $10,000 range.
Simultaneously, he explains that MVRV indicates the ratio between Market Cap to Realised Cap, which is used for getting a sense of when the exchange traded price is below the “far value” and to spot market tops and bottoms.
He highlights that the latest cycle with a low in November 2018 and a peak in April 2021, can help lay a good plan when buying Bitcoin in terms of macro, going into 2023. According to previous data, he predicts that the low from June 2022 will most likely burn out by June 2023, and will start to recover in about 6 months.
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