Cryptocurrency analyst and trader Jason Pizzino expresses a negative outlook for Bitcoin (BTC) 
$98,361 in his recent market assessment. He suggests that Bitcoin may continue to lose value and remain below its peak level of approximately $108,200.
Support Levels and Potential Declines
According to Pizzino, the critical support level for Bitcoin is currently around $91,750. He emphasizes that if Bitcoin drops by 50%, it may reach this level, increasing the likelihood of a decline to the range of $83,500 to $82,000 within the next week or two.
“If it falls below 50%, this level is around $91,750. In such a case, the likelihood of a decline to the $83,500 to $82,000 range increases within the next week or two.” – Jason Pizzino
The widely-followed analyst notes that if Bitcoin falls below $85,000, the correction might extend further.
“If everything falls, you start seeing closes below $73,000, $74,000; these were previous peaks. This is a concerning sign. It’s not certain, but the market looks very weak.” – Jason Pizzino
Anticipated Recovery Process
Pizzino indicates that Bitcoin may require a longer period to recover from its recent movements. He points out that Bitcoin has been below its peak for 14 days and has not remained above the $74,000 mark since the election day on November 5, 2024. Consequently, he believes the recovery from excessive optimism might take longer.
“Currently, Bitcoin has been below the peak for 14 days. Since the election day on November 5, 2024, we see that Bitcoin has not stayed above $74,000 for long. In return, recovery from excessive optimism might take longer.” – Jason Pizzino
Bitcoin is currently trading at $97,360. The analyst appears to have misjudged the market based on today’s surge, highlighting that analysts’ market assessments do not always predict the future accurately. Investors are advised to view analyst evaluations as one of many perspectives and not solely base their strategies on these forecasts.
The current state of the Bitcoin market presents significant signals for investors to consider. According to Pizzino’s analysis, if Bitcoin remains below the support level, the market may weaken further. It is recommended that investors monitor market trends and manage their risks effectively.
