Cryptocurrency analyst and trader Jason PizzinoDiscussed the possibility of Bitcoin price falling again to 2022 lows.
Pizzino on YouTube channel with 281,000 subscribers bitcoinHe thinks that the coin could drop further from current levels, but it is likely to form a higher low rather than break below the 2022 low of around $15,500.
“We’re not entirely far from $10,000. But as the market progresses and potentially begins to form a higher bottom, this could be the higher bottom we’ve all been waiting for, even if this market falls, comes back and tests $18,000, $19,000, $20,000. For this sign of power. A higher low will be a sign of power.”
At the time of writing, Bitcoin is trading around $21,700.
According to Pizzino, the chances of BTC dropping to $10,000 will gradually disappear once it rises above the August 2022 high of just over $25,000.
“Going back to the main issue, we keep hearing promises that the leading crypto-asset will drop to $10,000. However, if it hits a high in the next month or two and the market breaks, that possibility will disappear.
NEWS CONTINUES BELOWOnce we break the $25,000 peak, it’s all over. A price of 10-12-14k dollars is possible and will be quite painful.”
The analyst stated that the bullish thesis for Bitcoin will be invalidated if the price drops below the $18,000 support level.
You can follow the current price action here.