Cryptocurrency analyst and trader Jason Pizzino has shared his bearish outlook on Bitcoin (BTC) in a recent video to his 345,000 YouTube subscribers. Pizzino believes that Bitcoin is likely to experience further downside movement and may struggle to surpass its previous all-time high of around $108,200 for an extended period.
Currently, Pizzino identifies the critical support level for Bitcoin at approximately $91,750. He suggests that if the cryptocurrency breaks below this level, there is a higher probability of it dropping to the mid to low $80,000 range, specifically around $83,500 to $82,000 in the coming weeks.
Should Bitcoin fall below $85,000, Pizzino warns that the correction could deepen. He highlights that if Bitcoin continues to close below previous resistance levels at $73,000 to $74,000, it may indicate a weakening market sentiment, although not necessarily signaling the end of the current cycle.
Pizzino points out that Bitcoin has now spent 14 consecutive days below its all-time high, the longest period since breaking out from the $74,000 level on November 5, 2024. He anticipates a prolonged recovery process following the recent price drop from $108,200, especially considering the significant bullish momentum witnessed in the market.
As of the time of writing, Bitcoin is trading at $93,360, reflecting the ongoing volatility and uncertainty surrounding its price movement. Pizzino’s analysis suggests a cautious approach for traders and investors, emphasizing the importance of closely monitoring key support levels to navigate potential market risks.
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In conclusion, while Bitcoin’s short-term outlook remains uncertain, staying informed and adapting to evolving market conditions is essential for navigating the volatile cryptocurrency landscape. Keep a close eye on critical support levels and market indicators to make informed trading decisions in the ever-changing crypto market environment.