A carefully adopted crypto analyst says that Bitcoin (BTC) may all of a sudden plummet in worth if one key degree is misplaced as help.
In a brand new video replace, crypto strategist Jason Pizzino tells his 332,000 YouTube subscribers that if Bitcoin falls under $53,500, there’s trigger for concern that the crypto king could also be flipping bearish.
“We’re nonetheless in a barely stronger stance to then check the 50% degree once more [at $61,422]…
Is it going to be the bulls that take management, get above 50%? Or is it going to be the bears that take management and reject 50% once more to shut beneath that $53,500 degree for BTC?
In order a recap, my view hasn’t modified on Bitcoin: the bull market help degree hasn’t damaged down… I’d be on excessive alert if Bitcoin broke from $53,000.”
The analyst additionally believes that Bitcoin may witness wild value swings within the close to time period attributable to international macroeconomic uncertainty.
“Principally it’s a uneven market at this stage, on high of all of the financial recession [concerns], rates of interest, Japanese [yen] carry commerce, stuff happening with the inventory market – all that type of uncertainty surrounding these markets.”
Lastly, the analyst says that the Concern and Greed Index, a measure of market sentiment with values starting from 0 to 100, is displaying “excessive concern,” which he suggests may very well be a optimistic signal as it could point out over-selling of digital belongings.
“Bitcoin and crypto is excessive concern once more, which I believe is an effective signal right here, particularly contemplating it wasn’t in a position to stand up to the greed, so shortly.”
Bitcoin is buying and selling for $59,662 at time of writing, up almost 2% within the final 24 hours.
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