In response to actions taken by the sector by the US SEC, the cryptocurrency market once again turned from green to red. At the end of the weekend, the top two cryptocurrencies, Bitcoin and Ethereum, stopped their growth rally and even though BTC has recovered from a recent setback it is still under pressure to hold onto its recent level of $22,800.
Jason Pizzino, a trader and cryptocurrency expert, said that it is unlikely that the market leader Bitcoin (BTC) will return to its 2022 lows. While Bitcoin could continue to fall from its present levels, it is more likely to form a higher low than to go below the projected low of $15,500 in 2022. He claimed that he has given up on the $15,000 retest.
However, he also said that $10,000 is not entirely lost to bitcoin. When the market moves forward and it may begin to establish a higher low, even if this market may decline, it will come back and test $18,000, $19,000, or $20,000, which may be the higher bottom that we are all hoping for.
According to Pizzino, after the leading cryptocurrency asset breaks the peak high of just over $25,000 reached in August 2022, hopes of Bitcoin falling below $10,000 would progressively fade away.
“Going back to these points here – ‘Bitcoin will go to $10,000’ – we’re still hearing that. But that will possibly and probably eventually fade if over the next month or two we do get this higher low and the market breaks away.”
The leading digital asset’s decline below the $18,000 support level, according to the crypto analyst, will prove his bullish thesis for Bitcoin useless.
“Once these highs are broken [$25,000], the show’s over. There is going to be a lot of pain to investors who are still waiting for any sort of $10,000 or $12,000 or $14,000 Bitcoin, maybe even a retest of $15,000.”
Because the structure changes if Bitcoin falls below $18,000, he believes that these levels, around between $18,000 and $22,000, are good.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-crash-to-10000-heres-when-and-how/