Cryptocurrency analyst and trader Jason Pizzino, Bitcoin $96,632.0It shows a negative outlook towards (BTC). In his new market assessment, Pizzino stated that Bitcoin will likely lose further value and remain below the high of approximately $108,200.
Support Level and Possible Declines
According to Pizzino, the decisive support level for Bitcoin currently sits at around $91,750.
“If it drops from 50 percent, that level is around $91,750. “In such a case, the possibility of a decline in the $83,500 to $82,000 range increases in the next week or two.” –Jason Pizzino
The widely followed analyst stated that if Bitcoin falls below $ 85,000, the correction may extend further.
“If everything goes down, you start to see closes below $73,000, $74,000; these previous peaks. This is an alarming sign. “It’s not certain, but the market looks very weak.” –Jason Pizzino
Expected Recovery Process
Pizzino stated that Bitcoin may need a longer period of time to recover from this move.
“Currently, Bitcoin has been below the high for 14 days. We see that Bitcoin has not remained above this move for long since it rose above $74,000 on election day on November 5, 2024. In turn, the recovery is likely to take longer after over-optimism. The good news is that the correction has begun and is continuing.” –Jason Pizzino
Bitcoin is currently trading at $97,360. It seems that the analyst was wrong in his prediction before today’s rise, at least in the short term. This is a good example to see that analysts’ market assessments are not predictive of the future. Investors can look at analyst evaluations for different perspectives, but it is often to their detriment to base their investment strategies entirely on these predictions.
The current state of the Bitcoin market offers important signals for investors to pay attention to. According to Pizzino’s analysis, the market may weaken further if it remains below the support level. Investors are advised to monitor market trends and manage their risks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
