The cryptocurrency market continued to exhibit a bear market during the first Asian and London sessions on Monday. According to the latest crypto price oracles, Bitcoin price retested the support level around $25.9k after closing on a Doji candlestick last week. Bitcoin’s horizontal accumulation that began in mid-March this year is about to be wiped out by a downtrend break.
Nevertheless, popular digital asset analyst Michael Pizzino argued in a YouTube video that the crypto market is fast approaching the macro bullish breakout after major accumulation.
Pizzino’s take on the best digital assets
According to the analyst in a video shared On Monday, the Bitcoin market issued a huge bull signal despite its near-term bearish outlook. Specifically, the analyst compared the current Bitcoin price retest below $26,000 to the 2015/2016 accumulation and breakout that produced a massive rally. Pizzino noted that Bitcoin price is likely to fall further towards the USD 24,000 level if the current support zone of around USD 26,000 does not hold in the coming days.
Similarly, the analyst expects Ethereum (ETH) to move closely with Bitcoin’s price action in the coming weeks. In particular, Pizzino expects major digital assets to register a 50 percent decline from the bear market rally top, claiming that ETH price could soon reach $1600.
As for Solana (SOL), Pizzino expects the near-term weakness to push assets towards $18 after digital assets failed to rise above pre-FTX levels. Nevertheless, the Solana ecosystem is significantly bolstered by its vibrant DeFi ecosystem with approximately $310 million in total value (TVL).
