The cryptocurrency market appears to be uncertain with some cryptocurrencies experiencing price growth while others are continuously falling, due to the unclear pattern of Bitcoin price during the first week of March.
The price of bitcoin was unable to surpass the $22,200 resistance level. BTC experienced a sharp increase in selling activity, which caused a decline under the $21,500 support region. There was a drop toward the $20,000 support and the price is down more than 8%. At $19,800, a new monthly low was formed, and the price is presently consolidating its losses close to the $20,000 region.
What Next For Bitcoin Price?
A cryptocurrency expert and trader, Jason Pizzino, predict the short-term direction of Bitcoin, the largest crypto by market cap.
Pizzino is optimistic about Bitcoin’s long-term direction but warns that the cryptocurrency asset could potentially drop by about 15% from current levels to below $19,000 in the short term. He points to the daily chart and identifies support levels of $21,500, $20,000, and, in the worst-case scenario, perhaps around mid-$18,000. Pizzino suggests that there is a solid buying opportunity for under $22,000 and emphasizes that he remains bullish on Bitcoin’s long-term prospects.
Pizzino believes that prices below $22,000 for Bitcoin offer an opportunity for accumulation. He notes that at about $20,500, Bitcoin may only reach its halfway mark, and recommends that investors keep this in mind if they are looking to dollar-cost-average into Bitcoin over the long term. The analyst also warns that Bitcoin’s long-term positive thesis will be proven false if the price falls below $18,500.