Cryptocurrency analyst Jason Picino has issued a warning about Bitcoin (BTC), stating that if it fails to hold the key support level, the asset could face a significant decline.
According to Picino, Bitcoin needs to maintain support around $44,600 to prevent a potential drop to early 2023 levels.
Any closing price below $44,600 could indicate a substantial decline. Breaking below $40,000, especially on a monthly closing basis, would mark a breakthrough in the long-term trend, effectively ending the current cycle. If Bitcoin falls below $40,000 and stays at that level, it is more likely to continue declining, potentially testing the range of $30,000 and $20,000.
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Picino also mentioned that if Bitcoin remains above the critical bullish support level, it could still recover its upward trend. He believes that BTC could reach over $60,000 by the end of the year:
“I believe as long as Bitcoin stays above the $50,000 range, especially the bullish support level around $49,243, there is still a chance for it to rise. However, the recovery may take longer than initially anticipated.”
