A popular cryptocurrency analyst shared his market assessment before the 24-hour decline. Reviewing analysts’ predictions before major movements can be useful for tracking the success potential of short-term strategies. At the time of writing, BTC is trading at $56,300, and altcoins are continuing the day with losses exceeding 5%.
Cryptocurrency Analyst Prediction
Approximately 35 hours ago, popular cryptocurrency analyst Jason Pizzino warned that cryptocurrencies could experience a larger drop. Pointing to a target of $44,000 for BTC, the expert said:
“At the end of the year, when you look back, you’ll wonder why people struggled for price ranges between $56,000 and the main level of $44,000. Will it reach $44,000? Of course, I don’t have a definite opinion on whether it will, but there is a risk.
But I think what will happen is this… This sentiment will leave the market. The market will reset and either slow down or quickly bounce back, reaching higher prices by the end of the year, with a downward correction of about 40%. Has this happened in the past? Yes, it definitely has in the past.”
Will Cryptocurrencies Rise?
According to the analyst’s prediction, we need to see a major breakout within the next 6 months. This is something most people already expect due to both US sales and the massive new supply entering the market. As the things that scare the market disappear, we might see more rises in crypto driven by Trump’s election potential and more inflows into ETFs, with ETH ETFs seeing higher demand.
“We have now completed a seven-month consolidation, moved upwards, and are in the fourth month of potential consolidation. And towards the end of the year, I will be looking for some kind of breakout. That’s why I’m looking back, examining what I can do here, and then applying it forward.”
The period the analyst refers to is 2016, and historical models might prove him right. For now, BTC is hovering around $56,000.
