Cryptocurrency analyst and trader Jason Pizzino is bearish on Bitcoin (BTC).
In a new video, Pizzino tells his 345,000 YouTube subscribers that Bitcoin is “likely to see further declines” and will likely remain below its all-time high of around $108,200 for a long time.
According to Pizzino, the crucial support level for Bitcoin is currently around $91,750.
“If it comes down from 50%, which is $91,750, then there’s a good chance we’ll move up to the mid-$80,000s and maybe even into the low $80,000s, somewhere around 83,500 and around 82,000 dollars over the next week or two. »
A widely known cryptocurrency analyst says that if Bitcoin falls below $85,000, the correction could extend further.
“If things go down, you’ll start to see closes below $73,000, $74,000, which are the previous tops, and that’s a sign of concern. It’s not over yet, but if it does, the market will look very weak.”
Pizzino further says:
“Right now, we or Bitcoin are at this point – you have 14 days. [below the all-time high]. This makes this the longest time Bitcoin has been below a top during this move, after breaking out beyond the $74,000 top on Election Day. [November 5th of 2024]…
…it will probably take longer to recover from this step [From $108,200 to the current price]especially after the extreme bullishness we’ve seen. The good news is that the reboot is enabled, the reboot is happening.”
At the time of writing, Bitcoin is trading at $93,360.
Generated image: Midjourney
