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Cryptocurrency analyst and trader Jason Pizzino is leaning bearish on Bitcoin (BTC).
In a new video, Pizzino tells his 345,000 YouTube subscribers that Bitcoin is “probably going to see further downside” and is likely to remain below the all-time high of around $108,200 for a long time.
According to Pizzino, the decisive support level for Bitcoin currently is at around $91,750.
“If it does break down from the 50%, and that’s at $91,750, then there’s a higher chance that we push to the mid $80,000s maybe even the low $80,000s, somewhere around $83,500 and $82,000-ish over the coming week or two.”
Source: Jason Pizzino/YouTube
The widely followed cryptocurrency analyst says that if Bitcoin falls under $85,000, the correction could extend further.
“If anything breaks down, you start to see closes underneath $73,000, $74,000, which are those previous tops, that is a sign for concern. It’s not the end, but it is looking like a very weak market if that happens.”
Pizzino further says,
“Right now, we or Bitcoin is at that point now – you’re at 14 days [below the all-time high]. So this is the longest time Bitcoin has been underneath a top in this entire move after it broke out of the $74,000 top on election day [November 5th of 2024]…
…probably it’s going to take longer to recover from this move [From $108,200 to the current price], especially after the extreme bullishness we have seen. The good news is the reset is on, the reset is happening.”
Bitcoin is trading at $93,360 at time of writing.
Generated Image: Midjourney
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