Cryptocurrency expert Jason Pizzino cautions that Bitcoin (BTC) faces potential further decline if a critical support level fails.
In a recent video, Pizzino, addressing his 330,000 YouTube followers, emphasizes the importance of Bitcoin’s support at approximately $44,600. He warns that breaching this level could trigger a collapse, possibly driving the leading crypto asset back to early 2023 price levels.
“Any closures below $44,600 would likely signal a downturn. Once it drops below $40,000, especially with monthly closures, the longer-term trend is likely broken. It could mark the endgame. If it dips to $40,000 and closes below, though not certain, there’s a higher probability that this cycle might conclude, potentially testing the $30,000s and even $20,000s.”
Source: Jason Pizzino/YouTube
According to Pizzino, Bitcoin could regain bullish momentum by staying above critical market support levels. He illustrates this with a chart suggesting BTC might reattain $60,000 by November.
“I find comfort in Bitcoin holding above my bull market support around $49,243. This maintains its potential to climb higher, although the ascent may require more time than initially anticipated.”
Source: Jason Pizzino/YouTube
At the time of writing, Bitcoin is priced at $56,306.
Stay informed with updates delivered directly to your inbox. Don’t miss out on market movements. Subscribe now!
Stay updated on Price Action. Follow us on X, Facebook, and Telegram. Dive into The Daily Hodl Mix.
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that all transfers and trades involve risks, and any resulting losses are solely your responsibility. The Daily Hodl does not advocate for buying or selling any cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl participates in affiliate marketing programs.
Generated Image: Midjourney
