Crypto Trader Who Predicted Bitcoin\'s Ongoing Price Decline Expects Another 15% Drop: BTC Price Analysis

Crypto trader Michael Pizzino has made a bold prediction about Bitcoin's price trajectory, forecasting a potential additional 15-20% drop despite the cryptocurrency already experiencing a 10% decline.

Cryptocurrency trader Michael Pizzino has predicted that Bitcoin will experience an additional 15-20% decline as part of the “final leg” of the bull market.

Despite the cryptocurrency already dropping 10% from his initial prediction, Pizzino expects the market to continue dropping. He predicts that the total decline could reach 30%, as he initially anticipated.

Pizzino’s bold prediction comes as part of his analysis of the market, which he has been sharing with his followers throughout the bull market. In his recent analysis, he highlighted that the market has already dropped 10%, but there’s still potential for another 15-20%. He also noted that this drop could be the “worst case” scenario.

According to the trader, the market has already dropped 10% following his initial prediction. However, he warns that there’s still potential for another 15-20% drop, which he considers the “worst case” scenario.

Pizzino’s analysis aligns with ongoing market trends, as Bitcoin’s price has dropped by 7% in the last 10 days. Currently, the leading cryptocurrency is testing a critical support level that has held firm for the past 26 days.

If the current support level holds, analysts anticipate a price recovery that could potentially push Bitcoin to $69,000. However, if this support fails, the price might initiate a decline from $65,000. A breakdown below this level could see Bitcoin’s value fall further to the next support at $63,000.

Despite these short-term fluctuations, the long-term outlook for Bitcoin remains bullish, based on general market sentiment and on-chain analysis.

Data from Santiment indicates a significant spike in Bitcoin buying interest following the recent price dip below $67,000. This surge represents the second-largest increase in crowd buying interest over the past two months.

According to Santiment’s analysis, two scenarios could be driving this behavior:

Pizzino’s suggestion that the crypto market is gearing up for “Wave 5” implies that we’re entering a new phase of the market cycle. This perspective encourages a shift to a more bullish stance, despite the potential for short-term price corrections. In addition, while short-term volatility persists, the overall market sentiment remains positive.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-trader-predicted-bitcoin-ongoing-price-decline-expects-drop-btc-price-analysis.html

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