Following the FTX affair, it is clear that fear reigns in the crypto market. Regulators already seem preoccupied with recent events. Nevertheless, some try to remain rational and temper concerns. In this sense, analyst Jason Pizzino considers that bitcoin will not go to 10,000 USD.
Bitcoin: The current state of the market
At the time of this article, bitcoin is priced at $16,832.
In just 24 hours, the total capitalization of crypto assets has gone from around 1.030 billion dollars to around 850 billion. Concretely, it is 180 billion dollars of value that has flown away for crypto-investors. The reason for this dramatic decline is the collapse of the FTX exchange.
Nevertheless, a popular trader by the name of by Jason Pizzino considers it unlikely that the price of bitcoin (BTC) will end up at 10,000 USD. Speaking to his 279,000 YouTube subscribers, analyst Jason Pizzino explains that Bitcoin bulls will likely defend a higher support level. According to him, there is a reasonable chance that we will not see the 10,000 USD but a low point around the 14,900 USD in the market. According to him, the current range is around 15,500 USD.
The price of bitcoin: A nuanced analysis
According to him, if the price tends to rise, bitcoin could quickly erase the losses suffered since the collapse of FTX. He explains that if we exceed around 18,500 or 18,600 USD, it will be a very strong sign that it was only a jolt, see a big cleaning. As the weeks progress and through November, the market may react to recoup some more of these losses towards $20,000. However, he qualifies his position by telling his followers that this does not mean that the market cannot close above $18,500 and then come back down and reach a lower level as the weeks go by. In this case, it is a strong sign that the market may test higher prices.
The forward analysis also says that if bitcoin price weakens and starts to close steadily below $17,500, the price could dip to a much lower level of support. If the market continues to decline during the month of November, the price is likely to reach around $13,500. Such a conclusion aligns well with the old levels of previous cycle supports of the 2019 period. In this sense, investors’ vigilance should focus on this support of USD 17,500.
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