Bitcoin

Status

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-investors-about-bitcoins-potential-decline/" data-wpel-link="internal">Analyst Warns Investors About Bitcoin’s Potential Decline</a> 
Closely followed cryptocurrency analyst Jason Pizzino warned investors that <a href="https://en.coin-turk.com/bitcoin-and-ethereum-correlation-reaches-lowest-levels-in-years-signaling-divergence-in-growth-paths/" data-wpel-link="internal">Bitcoin</a> (BTC) risks further decline if it breaks below its main support level. According to the analyst, such a scenario could be a “Game Over” for Bitcoin, potentially returning the price to early 2023 levels. 
<h2 style="text-align: justify" id="strong-shared-key-scenarios-and-warnings-for-bitcoin-strong">Shared Key Scenarios and Warnings for Bitcoin</h2> 
In his latest analysis video on his YouTube channel, Pizzino warned that if Bitcoin falls below the $50,000 threshold, it must stay above the critical support level around $44,600. Otherwise, the largest cryptocurrency could revert to its early 2023 prices. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-368490" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-Analiz.png" alt="" width="1197" height="758"> 
In his assessment, the analyst stated, “Candle closures below $44,600 increase the likelihood of dropping below $40,000. If the price falls below $40,000, it signifies a trend break with long-term closures. At that point, the <a href="https://newslinker.co/category/gaming/" target="_blank" rel="noopener" data-wpel-link="exclude">game</a> is over, and testing $30,000 and $20,000 levels becomes more likely.” 
Pizzino added that if Bitcoin stays above its <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">bull market</a> support level, it could continue an upward trend. He shared a chart indicating that BTC could rise above $60,000 by November this year. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-368491" src="https://coin-turk.com/wp-content/uploads/2024/07/BTC-7.png" alt="" width="1157" height="739"> 
Regarding this expectation, the analyst said, “I’m comfortable with levels up to the mid-$50,000s because these levels keep Bitcoin above its bull market support (around $49,243). This means the price can continue to rise. It might just take a bit longer than expected.” 
<h2 style="text-align: justify" id="strong-current-status-of-bitcoin-strong">Current Status of Bitcoin</h2> 
After intense selling pressure on July 5, Bitcoin pulled back to $53,500 and is currently trading at $56,581 with over a 4% recovery. 
Analysts and market observers note that $60,000 is a significant psychological threshold, and $61,000 is an important level for the price rise to continue and for the overall market recovery to persist. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-investors-about-bitcoins-potential-decline/" data-wpel-link="internal">Analyst Warns Investors About Bitcoin’s Potential Decline</a></h5>

Analyst Warns Investors About Bitcoin’s Potential Decline

Table of Contents

COINTURK NEWS

Other articles published on Jul 6, 2024

PAW Is the Smarter Investment Choice Today Over Memecoins

Ex-Goldman Sachs Analyst Labels Cardano And XRP ‘Cult Meme Coins’

Bitcoin ETFs Defy Gravity: $143M in Inflows Amid a Downturn

Nvidia Lawsuit: Chipmaker Agrees With Court Set Date Amid Legal, Market Headwinds

Apple approves Epic Games’ marketplace in the E.U. after a public call-out

Chainlink – What LINK’s latest breaches tell us about its reversal odds

Join our free newsletter for daily crypto updates!