The price of Bitcoin has been on a massive bullish momentum since the approval and launch of Spot Bitcoin ETFs. However, a crypto analyst, Jason Pizzino, predicts a temporary halt in the growing trajectory, citing Bitcoin’s proximity to a crucial resistance point that could result in a significant price drop.
Analyst Foresees Bitcoin Price Correction
In a recent YouTube video published on Friday, January 12, Pizzino shared his insights into the current market conditions of Bitcoin, the world’s largest cryptocurrency. According to the analyst, the price of the top crypto is expected to drop by 20% to 22%, reaching possible support levels of $37,000 to $39,000 before the Bitcoin halving.
The halving which is expected to take place in April 2024 is an event that would see Bitcoin mining rewards cut by half to reduce the number of new coins entering the market. This reduction effectively decreases the cryptocurrency’s total supply and supposedly increases its value through scarci
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