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Crypto analyst Jason Pizzino, known for his accurate predictions, issued a warning that will alarm altcoin investors. Pizzino claimed that if Bitcoin falls below $26,700, the king of crypto, altcoins will collapse.
Critical Levels in the Bitcoin Chart
In his recent strategy session on his personal YouTube channel, crypto analyst Pizzino stated that how much Bitcoin will drop will determine the severity of the correction for altcoins. He warned of a major collapse for altcoins and said:
If Bitcoin tests $26,700, it will most likely come back to test $26,000, or even $24,900.
What will happen next? We can say that it might test $23,600, which corresponds to the 50% Fibonacci retracement level on the monthly timeframe, and bounce back. Such a correction will have terrible consequences for altcoins. We also need to look at ETH as a separate monster, as it is struggling to stay afloat.
According to the Analyst, Altcoins Will Collapse as Bitcoin Falls
According to the analyst, a significant drop in altcoins will lead many investors to transfer a portion of their altcoin investments to BTC. This will help the crypto king show strength against the downtrend and reduce the severity of the drop, but it will also cause altcoins to collapse:
If Bitcoin retraces and breaks $26,700, it will pull back towards the 50% Fibonacci level. You will see that altcoins are struggling to survive with this pullback. You will see that their values against the dollar are falling and they are trying to maintain their values against Bitcoin.
If we go back to $25,000, we will see even worse drops in altcoins. Because these are some of the key levels that market participants and perhaps algorithms are expecting. If these levels are broken, there will be a security search to move investments back to BTC and even stablecoins. This probably means that Bitcoin will fall and altcoins will collapse.
