Potential ‘High Alert’ Coming for Bitcoin (BTC) if This Price Level Breaks, According to Analyst Jason Pizzino

A closely followed crypto analyst says that Bitcoin (BTC) could suddenly plummet in value if one key level is lost as support.

In a new video update, crypto strategist Jason Pizzino tells his 332,000 YouTube subscribers that if Bitcoin falls below $53,500, there is cause for concern that the crypto king may be flipping bearish.

“We’re still in a slightly stronger stance to then test the 50% level again [at $61,422]…

Is it going to be the bulls that take control, get above 50%? Or is it going to be the bears that take control and reject 50% again to close underneath that $53,500 level for BTC?

So as a recap, my view hasn’t changed on Bitcoin: the bull market support level hasn’t broken down… I’d be on high alert if Bitcoin broke from $53,000.”

Source: Jason Pizzino/X

The analyst also believes that Bitcoin could witness wild price swings in the near term due to global macroeconomic uncertainty.

“Basically it’s a choppy market at this stage, on top of all the economic recession [concerns], interest rates, Japanese [yen] carry trade, stuff going on with the stock market – all that sort of uncertainty surrounding these markets.”

Lastly, the analyst says that the Fear and Greed Index, a measure of market sentiment with values ranging from 0 to 100, is showing “extreme fear,” which he suggests could be a positive sign as it may indicate over-selling of digital assets.

“Bitcoin and crypto is extreme fear again, which I think is a good sign here, especially considering it wasn’t able to get up to the greed, so quickly.”

Bitcoin is trading for $59,662 at time of writing, up nearly 2% in the last 24 hours.

Generated Image: Midjourney

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