Cryptocurrency analyst Jason Picino has issued a warning about Bitcoin (BTC), stating that if it fails to hold critical support levels, the asset could face significant declines.
Picino emphasized that Bitcoin needs to maintain support around $44,600 to prevent a potential drop to early 2023 levels:
“Any closing price below $44,600 could signal a substantial decline. A break below $40,000, especially on monthly closing, would mark a breakthrough in the long-term trend, effectively ending the current cycle. If Bitcoin drops below $40,000 and sustains that level, further declines are more likely, potentially testing the $30,000 to $20,000 range.”
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Picino also mentioned that if Bitcoin holds above critical bullish support levels, it could still resume its upward trend. He believes BTC could reach over $60,000 by the end of the year:
“I believe as long as Bitcoin remains above the $50,000 range, particularly above the bullish support level around $49,243, there is still potential for upward movement. However, the recovery may take longer than initially expected.”
