Analyst Warns of Bitcoin Crash if Key Support Level Fails
Cryptocurrency analyst Jason Pizzino cautions that Bitcoin (BTC) could face further declines if it fails to maintain a crucial support level.
In a recent video, Pizzino emphasized the importance of the $44,600 support level for Bitcoin to avoid a significant drop that could see it revisiting early 2023 prices.
Pizzino explains that closing below $44,600 could signal a potential descent towards $40,000.
He warns that sustained closes below $40,000 on longer-term time frames would likely indicate a broken trend, increasing the probability that Bitcoin’s current cycle is over, potentially leading to tests of the $30,000 and $20,000 levels.
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However, Pizzino also notes that Bitcoin could resume its upward trajectory if it remains above the bull market support level, which he identifies around $49,243.
He suggests that BTC could still climb back above $60,000 by November, though this recovery might take longer than initially expected.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
