The overall crypto market has plunged yet again, dragging all the large-cap cryptocurrencies like Bitcoin, Ethereum, Cardano, and Solana, among others, with it. The world’s first cryptocurrency, Bitcoin, has lost its key level of $20,500, but the bulls haven’t lost steam completely yet.
Currently, Bitcoin is selling at $20,146 after a drop of 2.99% over the last 24hrs. The immediate resistance lies near $20,200, and the support is positioned at $20,000. If BTC loses this level, then the currency might attract bearish momentum again.
On the other hand, a renowned crypto analyst and trader, Jason Pizzino, is observing the timeline for the crypto market bottom.
Bitcoin Price At $25k?
The first currency that the analyst picks to talk about is Bitcoin. He informs his 278,000 Youtube followers that there are very few chances for Bitcoin to drop below $10,000.
As per the analyst, if Bitcoin manages to claim the $23,000 and $23,200 area, then the currency can easily capture $25,200 as well. He then says that the area around $25,200 is where the bears have to keep a watch.
Next, the analyst talks about Ethereum and says that ETH is currently witnessing a positive trend and is unlikely to drop below $500. The strategist believes that Ethereum is flashing a strong bull signal as it is trading above the 50% Fib level. Thus, he urges his followers to not expect that the price would dip to $300-$400.
With this analysis, Pizzino effectively rules out the chances of Bitcoin and Ethereum- the biggest crypto assets- falling below certain levels.
At the moment, Ethereum is changing hands at $1,506 with a downfall of2.67 in the last 24hrs.
The analyst is of the opinion that once Ethereum moves out of this area, market participants will have to wait for an accumulation period. This price action will confirm that the bottom has arrived for the crypto assets and the brutal “winter” is finally over.
https://youtu.be/M90Tl_yquBM
The post appeared first on Coinpedia
