Be Prepared for a Bitcoin Pullback of Up to $23,500 - COINTURK NEWS
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Be Prepared for a Bitcoin Pullback of Up to $23,500

2:05 pm (18 days ago)
September 4, 2023

Crypto analyst Jason Pizzino, who closely follows the cryptocurrency market, expects the largest cryptocurrency Bitcoin (BTC) to experience an upward surge despite unfavorable market conditions. However, the analyst predicts a price pullback first.

Be Prepared for a Pullback of Up to $23,500 in Bitcoin

Crypto analyst Jason Pizzino, who knows every move of Bitcoin, highlighted that if Bitcoin retests the support around $23,500, the bears will likely come out in full force. Pizzino said the following about the potential situation:

The crypto community on X (formerly known as Twitter) will lose their minds in this gap, so be prepared for that. There is a price gap of about 9% that needs to be filled from around $26,000 to $23,500.

This is due to the market being stagnant and less volatile. Therefore, things go haywire when it’s a few percent higher than what people are used to.

After this point, there will be ridiculous calls for the price to drop to $15,000, $14,000, $12,000, $10,000. You can infer that we are nearing the end of the drop when we receive these calls and potentially forming a higher macro bottom. So, my focus is above $23,600.

The Expected Drop May Be More Limited Than Anticipated

Pizzino anticipates a scenario where Bitcoin experiences a sharp sell-off that traps the bears before forming a rising bottom, indicating the potential restart of an uptrend. For this scenario, the analyst noted, “There might be a quick bounce from the 50% Fibonacci level at $23,600 (around $24,300) because we know that the 50% Fibonacci level works extremely well for BTC in 2023 and, of course, throughout history in all timeframes.”

A rising bottom formation typically indicates the end of a correction and the potential start of an uptrend. The largest cryptocurrency, Bitcoin, is currently trading just below $29,917 with a minimal increase of 0.04% in the last 24 hours.

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