Last update: 10.08.2024 – 18:49
Jason Pizzino, one of the closely followed analysts of cryptocurrency markets, made important warnings about the possible risks that Bitcoin may face in the coming period. Pizzino stated that Bitcoin could experience a major decline if it cannot maintain a critical support level, and reminded investors that they should be careful.
To the analyst according toFor Bitcoin’s current bull market to continue, the key $44,600 level needs to be maintained. This level is one of the most important indicators Pizzino follows to determine the health and direction of the market. If this level is broken, Bitcoin’s long-term upward movement could be jeopardized and the market could enter a significant downtrend.
Pizzino points out that weekly or monthly closings below this critical level could have serious consequences for the Bitcoin market.
Pizzino emphasizes that the $44,600 level is a turning point in the general direction of the market. If it falls below this level, the balance of bull and bear cycles in the market could be disrupted, which could greatly affect Bitcoin’s future movements.
Bitcoin has managed to hold on to the support level indicated by Pizzino, despite a volatile course throughout 2024. However, recent market developments have raised the possibility of a retest of this level. If Bitcoin closes below $44,600, this could create panic among investors and lead to increased selling pressure.
The analyst then says that Ethereum (ETH) could remain in an uptrend if it convincingly reclaims support at $2,900, the 50% level of its bear market range.
“If ETH can close above $2,900, it will put it in a much stronger position for the next move. If it continues to flounder here and gets rejected at this level, it will not bode well for ETH. We will likely see more downside or at least a test of the lows between $2,400 and $2,500.”
Jason Pizzino's predictions once again reveal how delicate the cryptocurrency market is. Investors may need to closely monitor these critical levels and reconsider their strategies according to market conditions.
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