A closely watched crypto analyst says Bitcoin (BTC) could suddenly drop in value if one key level of support is lost.
In a new video update, crypto strategist Jason Pizzino tells Its 332,000 YouTube subscribers say that if Bitcoin falls below $53,500, there is reason to worry that the crypto king may turn bearish.
“We are still in a slightly stronger position to then retest the 50% level [at $61,422]…
Will it be the bulls who take control and move above 50%? Or will it be the bears who take control and reject another 50% to close below the $53,500 level for BTC?
So to summarize, my view on Bitcoin has not changed: the bull market support level has not broken… I would be very alert if Bitcoin were to break from $53,000.”
The analyst also believes that Bitcoin may witness wild price swings in the near term due to global macroeconomic uncertainty.
“Basically it is a troubled market at this stage, on top of the economic recession [concerns]interest rates, Japanese [yen] carry trade, things going on in the stock market – all that kind of uncertainty around these markets.”
Finally, the analyst says the Fear and Greed Index, a measure of market sentiment with values ranging from 0 to 100, is showing “extreme fear,” which he says could be a positive sign as it could indicate overselling of digital assets. .
“Bitcoin and crypto are back to extreme fear, which I think is a good sign, especially considering it couldn’t overcome greed so quickly.”
Bitcoin is trading at $59,662 at the time of writing, up almost 2% in the past 24 hours.
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Generated image: Midjourney
