Cryptocurrency analyst Jason Pizzino is warning that Bitcoin (BTC) is at risk of falling even further if a major support level crumbles.
In a new video, Pizzino tells his 330,000 YouTube subscribers that the Bitcoin support level at around $44,600 must hold to avoid a collapse that could see the flagship crypto asset revisiting prices last recorded in early 2023.
“Any closes under $44,600 is probably going to be getting very close to a curse. And that curse is basically prices under $40,000…
When it goes under $40,000, if you get [monthly] closes under there, longer-term closes like your longer-term time frames, the trend is basically broken. That’s it. Game over.
And if it goes to $40,000 and closes under there, not a guarantee but a much higher probability that this cycle is over. And it’s going to go lower, it’ll go down and test the $30,000s and test the $20,000s.”
Source: Jason Pizzino/YouTube
According to Pizzino, Bitcoin could still resume an uptrend if it manages to stay above the bull market support level. He shares a chart suggesting that BTC may move back above $60,000 by November of this year.
“What I’m comfortable with into this sort of low to mid-$50,000s is [Bitcoin is] still above my bull market support [at around $49,243]. Therefore, it still has a chance to continue higher. It would just mean the grind out might take a little longer than what we had originally anticipated.”
Source: Jason Pizzino/YouTube
Bitcoin is trading at $56,306 at time of writing.
Generated Image: Midjourney
