Cryptocurrency expert Jason Pizzino has issued a cautionary note about Bitcoin (BTC), highlighting potential further declines if a critical support level falters.

In a recent video to his 330,000 YouTube followers, Pizzino stressed that Bitcoin’s support around $44,600 must hold to prevent a collapse that could see the leading cryptocurrency revisiting early 2023 price levels.

“Any closes below $44,600 would likely be nearing a critical point. Once it dips below $40,000, especially with monthly closures, it signals a significant trend reversal. That scenario could mark the end of this cycle. If it drops to $40,000 and closes below, although not guaranteed, there’s a higher chance this cycle might conclude, potentially testing the $30,000s and even the $20,000s.”

Pizzino believes Bitcoin could regain upward momentum if it remains above its crucial bull market support level. He presented a chart suggesting a possible return above $60,000 by November this year.

“I’m optimistic that as long as Bitcoin stays above my bull market support level, approximately $49,243, there’s still potential for further gains. It might mean a slower climb than initially anticipated.”

As of the latest update, Bitcoin is priced at $56,306.

Source: Jason Pizzino/YouTube

Source: Jason Pizzino/YouTube

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