The cryptocurrency market had an extremely volatile week. Bitcoin (BTC) managed to exceed $60,000 after falling below $50,000. In the meantime, the leading altcoin Ethereum is trying to recover after the deep declines it experienced at the beginning of the week. In light of these developments, famous crypto analyst Jason Pizzino warns that a major collapse could occur if Bitcoin falls below a critical support level. However, like analyst Ali Martinez, he expects a new rally from Ethereum.
Analyst: If Bitcoin Loses This Level, Bull Period Will End$BTC
The market is currently having a relatively quiet weekend, with Bitcoin (BTC) struggling to hold onto the $60,000 level. Crypto analyst Jason Pizzino says that if Bitcoin drops more than 27% from its current value on the weekly chart, the bull market will be over. Pizzino explains:
“The strength lies in the price action above the support level of the bull market at $44,600. A close below this level on a weekly or monthly basis could have serious consequences for the Bitcoin market. This is the turning point of the bull and bear markets for me. Below this level is not a positive sign.”
Bullish Trend Could Continue If Ethereum Breaks Above $2,900
Jason Pizzino points to $2,900, the 50% support level of Ethereum’s (ETH) bear market range. According to the analyst, if ETH convincingly breaks through this level, it could resume its uptrend. Pizzino’s assessment is as follows:
“If ETH can close above $2,900, that will put it in a much stronger position for the next step. If it continues to flounder at this level and gets rejected, that may not be a positive sign for Ethereum. You will likely see a move to the downside or at least a test of the lows between $2,400 and $2,500.”
There Are New Hopes for Ethereum$ETH
On the other hand, popular crypto analyst Ali Martinez is also optimistic about Ethereum (ETH). Martinez notes that the ETH price is currently forming a pennant pattern. The analyst points to the pennant that has formed on lower timeframes, indicating a potential increase of over 4% towards $2,820. According to Martinez, the most important support level for Ethereum is between $2,314 and $2,435. It is also stated that 2.14 million addresses have purchased 51.67 million ETH, and the current target is $2,930.
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