Cryptocurrency analyst Jason Pizzino has warned that Bitcoin could fall to as low as $80,000 if it loses the critical support level of $91,750 in the near future.
Cryptocurrency analyst and investor Jason Pizzino has taken a bearish view on Bitcoin (BTC). In a new video, he told his 345,000 YouTube subscribers that Bitcoin is “likely to see further declines” and that its all-time high of around $108,200 is unlikely to be breached for quite some time.
Pizzino said the critical support level for Bitcoin currently sits around $91,750, and if Bitcoin falls below that level, the possibility of a drop to $80,000 increases.
He noted that the price could drop to the $83,500 and $82,000 levels, especially in the next week or two.
Cryptocurrency market movements are weakening
The analyst noted that if Bitcoin falls below $85,000, the correction could deepen further, and that closing below the $73,000-$74,000 levels should be cause for concern.
He said that these levels were previous highs and that this type of movement indicated that the market was very weak. However, he added that this was not the end of the market.
Pizzino noted that Bitcoin has currently been below its all-time high for 14 days, marking the first time Bitcoin has remained below its all-time high for such a long period after its peak at $74,000.
He emphasized that this situation will take longer for Bitcoin to recover, especially after previous extreme bullish trends. However, he noted that a “reset” process has begun in the market and that this is good news.
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