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Bitcoin is tracing a bear market path similar to 2022, according to Jason Pizzino. However, this cycle is unfolding with notably lower interest and volume, signaling a weaker macro structure.
Pizzino suggests that Bitcoin will form a new cycle low before a new rally begins. He highlights that both lower highs for interest and volume indicate subdued market participation compared to previous cycles.
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Earlier, Pizzino highlighted Bitcoin double-bottoming at a critical 17-year level versus the S&P 500 after sustained declines in one report. He has also noted a concerning trend as Bitcoin tracked USDT dominance, with higher lows on the macro chart in another analysis. Both observations have added context to his current assessment of weaker participation.