Cryptocurrency analyst and trader Jason Pizzino has shared his bearish outlook on Bitcoin (BTC) in a recent video. With a subscriber base of 345,000 on YouTube, Pizzino predicts that Bitcoin is likely to experience further downside movement and may struggle to surpass its previous all-time high of approximately $108,200.
Pizzino highlights the crucial support level for Bitcoin, currently situated around $91,750. He suggests that if Bitcoin breaches this level, there is a higher probability of the price dropping to the mid $80,000s or even the low $80,000s, specifically between $83,500 and $82,000 in the upcoming weeks.
The analyst warns that if Bitcoin falls below $85,000, the correction could potentially deepen. Should the price continue to decline and close below $73,000 to $74,000, which were previous resistance levels, it could indicate a weak market sentiment.
Reflecting on Bitcoin’s performance, Pizzino notes that the cryptocurrency has been trading below its all-time high for 14 consecutive days, marking the lengthiest period since breaking out from the $74,000 level on election day in November 2024. He suggests that recovering from the recent price drop, from $108,200 to its current value, may take some time due to the excessive bullishness observed in the market.
As of the time of writing, Bitcoin is valued at $93,360. Pizzino’s analysis underscores the importance of closely monitoring Bitcoin’s price movements and key support levels to gauge the market’s direction accurately.
For those interested in staying updated on the latest cryptocurrency news and price action, subscribing to email alerts and following reputable sources on social media platforms like Twitter, Facebook, and Telegram can provide valuable insights. The cryptocurrency market is dynamic and constantly evolving, making it essential for investors and traders to stay informed to make informed decisions.
In conclusion, Jason Pizzino’s bearish stance on Bitcoin emphasizes the importance of risk management and thorough analysis in navigating the volatile cryptocurrency market. As the market continues to adjust and reset, staying informed and prepared for potential price fluctuations is crucial for investors seeking to capitalize on opportunities in the digital asset space.