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.
Bitcoin is currently selling at $20,146 after a drop of 2.99% over the past 24 hours. An immediate resistance is near the $20,200 level, and support is located at $20,000. If BTC loses this level, the currency could again attract bearish momentum.
On the other hand, a renowned crypto analyst and trader, Jason Pizzino, is observing the timeline for the crypto market bottom.
Is bitcoin worth $25k?
The first currency the analyst chooses to talk about is bitcoin. He informed his 278,000 Youtube followers that there is little chance of bitcoin falling 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 seeing a positive trend and there is no chance of a drop below $500. The strategist believes that Ethereum is showing a strong bull signal as it is trading above the 50% Fibonacci level. Thus, he urged his followers not to expect the price to drop 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, down by 2.67 over the past 24 hours.
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.
