CoinWire reports:
Cryptocurrency analyst Jason Pizzino has warned that Bitcoin (BTC) faces further downside risk if key support levels collapse.
In a recent video, Pizzino told his 330,000 YouTube followers that Bitcoin’s support must hold around $44,600 to avoid a breakdown, as the price of this flagship crypto asset could revisit early 2023 levels.
“Any close below $44,600 could be very close to the curse. And the curse essentially is the price being below $40,000…
When it goes below $40,000, if your (monthly) close is below $40,000, your long-term time frame essentially gets broken. That’s it, game over.
If it rallies up to $40,000 and closes there, it’s not a guarantee, but the likelihood of this cycle ending is much higher. It will drop, it will drop and test $30,000 and $20,000.”
Source: Jason Pizzino/YouTube
Pizzino noted that if Bitcoin can hold above bull market support levels, it still has the potential to resume its upward trend. He shared a chart indicating BTC might rebound to above $60,000 by November this year.
“I’m comfortable with this low-to-mid $50,000 range as Bitcoin remains above my bull market support (around $49,243). So, there’s still a chance for it to continue higher. It just means it might take longer than initially anticipated.”
Source: Jason Pizzino/YouTube
At the time of writing, Bitcoin is trading at $56,306.
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