In a recent analysis, crypto expert Jason Pizzino shared his optimistic outlook on the trajectory of Bitcoin (CRYPTO: BTC), indicating that the premier cryptocurrency is in the early stages of a bull market.

What Happened: In a YouTube video last week, Pizzino said that the market is showcasing signs of strength and potential for growth. Pizzino believes that Bitcoin is gearing up for a significant uptrend. 

“This is the beginning of a bull market just like it happened the previous cycle and the previous cycle before that. The beginnings aren’t always as clear. They cannot be as clear," he said. 

"Once things become clear, that’s the end. That’s when retail is in. That’s when everyone else is excited to get into the market because everyone else sees the same thing,” Pizzino added. 

Also Read: Bitcoin Dip Doesn't Worry JPMorgan Analysts: 'We See Limited Downside To Crypto'

According to Pizzino, Bitcoin will more convincingly confirm the bull market cycle if it crosses the key $28,500 level.

“This market has barely spent any time under $25,000. I’m not saying it can’t spend some more time, but it’s been six months above these levels of weekly closes. Pretty good so far, but the bulls aren’t there yet. They need to see at least some closes start above $26,550. So I’m not trying to toot the horn here too much," he said. 

He added that there’s still a lot for the bulls to do.

"I can start to toot it when we get back above the white line here at $28,500. That’s pretty much one of those key levels for Bitcoin to start to consolidate above and put in those continued higher lows to then look to attempt to break $32,000,” he said. 

At the time of writing, Bitcoin was trading at $26,516.34, close to 3 percent up in the last seven days. 

Now Read: Crypto Analyst Confident About Bitcoin's Surge, But There's A Catch

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock