A widely followed crypto analyst says the value of Bitcoin (BTC) could suddenly crash if a key level of support is lost.
In a new video update, crypto strategist Jason Pizzino tells his 332,000 YouTube subscribers that there is reason to worry that the crypto king could turn bearish if the Bitcoin price falls below $53,500.
“We are still in a slightly stronger position to retest the 50% level (at $61,422)…
Will it be the bulls that take control and get above 50%? Or will it be the bears that take control and reject 50% again to close below the $53,500 mark for BTC?
So, to recap, my opinion on Bitcoin has not changed: the bull market support level has not been breached… I would be on high alert if Bitcoin broke through $53,000.”
The analyst also believes that Bitcoin could experience sharp price fluctuations in the near future due to global macroeconomic uncertainty.
“Basically, it’s a choppy market right now, on top of all the economic recession (worries), interest rates, the Japanese (yen) carry trade, things happening in the stock market – all these uncertainties that surround these markets.”
Finally, the analyst says that the Fear and Greed Index, an indicator of market sentiment with values between 0 and 100, shows “extreme fear,” which he believes could be a positive sign as it could indicate oversold digital assets.
“There is extreme fear again in Bitcoin and cryptocurrencies, which I think is a good sign, especially considering that greed has not been able to subside so quickly.”
At the time of writing, Bitcoin is trading at $59,662, up nearly 2% in the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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