Bitcoin Price at Frightening Levels: 2 Analysts Expect a Correction!
In a new video, Pizzino told his 345,000 YouTube subscribers that #Bitcoin is “likely to see more declines.” He also said it is likely to remain below its all-time high of $108,200 for an extended period. According to Pizzino, the decisive support level for Bitcoin is currently around $91,750. The widely followed crypto analyst points to the possibility of Bitcoin falling below $85,000. In that case, he says the correction could be even longer. The analyst says:
If it falls 50%, which is $91,750, then we have a better chance of getting into the mid-$80,000s in the next week or two, or even below $80,000, around $83,500 and $82,000. If anything breaks down, you start to see closes below the previous highs of $73,000, $74,000, that’s a sign of concern. It’s not the end, but it looks like it’s going to be a very weak market if it does.
That’s where we are right now, or Bitcoin is — you’re 14 days below [the all-time high]. So that’s the longest Bitcoin has stayed below a high throughout this entire move after breaking out of the $74,000 peak on Election Day (November 5, 2024) […] it’s probably going to take longer to recover from this move (from $108,200 to the current price), especially after the extreme rally we’ve seen. The good news is that the reset has started, the reset is happening.
Benjamin Cowen: He explained the correction scenario
In a new video update, crypto strategist Benjamin Cowen has taken notice. Cowen tells his 853,000 YouTube subscribers that Bitcoin could recover by double-digit percentage points in January based on historical precedents. However, Cowen says Bitcoin’s December correction may have been due to expectations of a historic January correction, which is why Bitcoin may not correct this month.
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