Bitcoin (BTC) Price Could Fall to $36,000 by the End of February – Analyst Warns
This week, Bitcoin experienced a sharp decline of more than 10%, with other cryptocurrencies also falling by 10% to 20%. Analyst Jason Pizzino addressed this issue in a recent video update, pondering whether this is the end of the Flash crash or just the beginning.
Pizzino has provided a price target in case there is a correction. He focused on Bitcoin’s performance, citing current market sentiment along with high expectations for the ETF. Despite the excitement, Ficino warned of potential difficulties in the first half of 2024, predicting the market will become more challenging.
Looking back on 2023, a year of significant gains, Pizzino highlighted the ease of the market and the emotional challenges for traders and investors. Moving to a broader market perspective, Pizzino presented historical data on negative annual closes and their impact on the following year. According to our analysis, the first half of 2024 could be potentially tricky for both stock markets and cryptocurrencies.
Regarding Bitcoin’s macro cycle, Pizzino compared the current 14-month period to previous cycles, hinting at a possible correction. He emphasized the importance of remaining vigilant, especially after a prolonged period of market growth.
The discussion extended to the 50% level for Bitcoin, which represents a historical pattern of testing and breaking out about 22 months after the low. Pizzino used this information to speculate on the likelihood of a breakthrough occurring around September 2024, in line with the second half of the year.
Moreover, he discussed micro-level analysis and examined chart patterns similar to previous market scenarios in July 2024. He hinted at a potential flash crash around the ETF announcement, emphasizing the need for careful observation and anticipation of market clues.
Concluding his analysis, Pizzino outlined potential times and price targets for a Bitcoin correction, suggesting a 30-60 day time frame and a potential support level around $35,000.