Cryptocurrency analyst Jason Pizzino warned that if Bitcoin breaks the $44,600 support level, the price could return to early 2023 levels. Bitcoin is currently trading at $56,581, recovering over 4% from a low of $53,500 on July 5.

Pizzino warned investors that Bitcoin could be at serious risk if it breaks the major support level. In his analysis video published on his YouTube channel, he emphasized the importance of the critical support level around $44,600 if Bitcoin falls below the $50,000 threshold. In this case, he stated that Bitcoin could return to the low levels at the beginning of 2023 and said, "Closings below $ 44,600 may increase the possibility of the price falling below $ 40,000. If it falls to this level, it means breaking the long-term trend and the price will retreat to $ 30,000 or even $ 20,000." "The probability is high," he said.

Pizzino also predicted that Bitcoin's uptrend could continue if it remains above the bull market support level. In his analysis, supported by charts, he stated that BTC could rise above $60,000 by November this year. The analyst said, "I am comfortable with levels up to $50,000 because these levels ensure that Bitcoin remains above the bull market support. This indicates that the price may move upwards. It may just take a little longer than expected."$BTC

Currently, Bitcoin has rebounded over 4% following the July 5 selling pressure and the cryptocurrency is trading at $56,581. Analysts and market observers state that $60,000 is an important psychological threshold and $61,000 is a critical technical resistance level for this rise in Bitcoin price to continue and the general market recovery to continue.

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