Cryptocurrency may face potential 60% drop: Jason Pizzino
- Crypto Youtuber Jason Pizzino discusses the fall of the S&P 500 and Nasdaq 100 in his latest Youtube video.
- The Youtuber also talks about Bitcoin’s fourth bear market at $20,4000.
- He also mentioned that the cryptocurrency market could see another drop of 20% to 60%.
Cryptocurrency Youtuber Jason Pizzino in his Youtube video titled “: Pump & Dump” started talking about the S&P 500 index’s lowest close since December 2021. Pizzino further predicts that the downtrend will last longer, as the support sign suggests. However, he advises his viewers to be harmed because the downtrend is just a macrocycle resulting from a mega bull market from March 2020 to early 2022 going through a correction.
Although Pizzino points out that a bear market could be coming soon, he also confirms that the market has not yet broken the downtrend and is far from that point at the moment.
Moving to , Pizzino sees a similar drop projection with a slightly higher decline from the June low. It also suggests a possible retest at around 10,600 points, while presenting a “danger level” at 8,900 points.
Further, he notes that while the USD is booming, Bitcoin has yet to crash and has gained strength against other cryptocurrencies in the market which are currently losing value. Pizzino then recaps that while the market can possibly drop further, Bitcoin is showing resilience and has been stable since June 2022 against the rising US Dollar.
At $20,400, Bitcoin took its fourth hit in the downtrend of the bear market, falling to near $18,500. According to Pizzino, the fall of BTC during the months of August and September was anticipated. However, he expected Bitcoin volatility in October, including further decline before a rise.
The current market capitalization of cryptocurrencies, excluding Bitcoin, and Stablecoin, stands at $221 billion. Pizzino expects another further 20%-60% drop for coins over the next 1-12 months, ranging from a $100 billion drop to a $200 billion rise as Bitcoin rises. straighten.
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