Closely followed cryptocurrency analyst Jason Pizzino warned investors that Bitcoin (BTC) risks further decline if it breaks below its main support level. According to the analyst, such a scenario could be a “Game Over” for Bitcoin, potentially returning the price to early 2023 levels.
Shared Key Scenarios and Warnings for Bitcoin
In his latest analysis video on his YouTube channel, Pizzino warned that if Bitcoin falls below the $50,000 threshold, it must stay above the critical support level around $44,600. Otherwise, the largest cryptocurrency could revert to its early 2023 prices.
In his assessment, the analyst stated, “Candle closures below $44,600 increase the likelihood of dropping below $40,000. If the price falls below $40,000, it signifies a trend break with long-term closures. At that point, the game is over, and testing $30,000 and $20,000 levels becomes more likely.”
Pizzino added that if Bitcoin stays above its bull market support level, it could continue an upward trend. He shared a chart indicating that BTC could rise above $60,000 by November this year.
Regarding this expectation, the analyst said, “I’m comfortable with levels up to the mid-$50,000s because these levels keep Bitcoin above its bull market support (around $49,243). This means the price can continue to rise. It might just take a bit longer than expected.”
Current Status of Bitcoin
After intense selling pressure on July 5, Bitcoin pulled back to $53,500 and is currently trading at $56,581 with over a 4% recovery.
Analysts and market observers note that $60,000 is a significant psychological threshold, and $61,000 is an important level for the price rise to continue and for the overall market recovery to persist.
