Bitcoin (BTC) Could Suddenly Plummet in Value if This Key Level is Lost as Support, Crypto Analyst Says
- PHPzOriginal
- 2024-08-14 12:17:20509browse
In a new video update, crypto strategist Jason Pizzino tells his 332,000 YouTube subscribers that if Bitcoin falls below $53,500, there is cause for concern
Bitcoin (BTC) price has been rallying strongly over the last few weeks, but one closely followed crypto analyst says that the crypto king may be setting up for a sudden bearish pivot.
In a new video update, Pizzino says that if BTC price closes below $53,500, it could signal a bearish reversal in the making. The analyst adds that if Bitcoin manages to rally past the 50% Fibonacci level at $61,422, it could be setting up for another leg up.
“We’re still in a slightly stronger stance to then test the 50% level again [at $61,422). Is it going to be the bulls that take control, get above 50%? Or is it going to be the bears that take control and reject 50% again to close underneath that $53,500 level for BTC?
So as a recap, my view hasn’t changed on Bitcoin: the bull market support level hasn’t broken down… I’d be on high alert if Bitcoin broke from $53,000.”
Pizzino also notes that Bitcoin price action is likely to be volatile in the near term due to macroeconomic trends.
“Basically it’s a choppy market at this stage, on top of all the economic recession [concerns], interest rates, Japanese [yen] carry trade, stuff going on with the stock market – all that sort of uncertainty surrounding these markets.”
Finally, the analyst points out that the Fear and Greed Index, which measures market sentiment on a scale of 0 to 100, is indicating “extreme fear.” According to Pizzino, this could be a bullish sign as it may suggest that digital assets are being oversold.
“Bitcoin and crypto is extreme fear again, which I think is a good sign here, especially considering it wasn’t able to get up to the greed, so quickly.”
Bitcoin is trading at $59,662 at time of writing, up nearly 2% in the last 24 hours.
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