The cryptocurrency market left behind a very volatile week. Bitcoin (BTC) managed to rise above $60,000 after falling below $50,000. The leading altcoin Ethereum, on the other hand, is busy recovering from the deep wounds it sustained at the beginning of the week. Amid these developments, renowned crypto analyst Jason Pizzino says that Bitcoin will crash if it fails to maintain a key support level. However, the analyst expects a rally from Ethereum, as does another popular analyst, Ali Martinez.
Analyst: If Bitcoin loses this level, the bull is over!
As you have been following on Kriptokoin.com, the market is having a quiet weekend for now. The leading crypto Bitcoin (BTC) is struggling to maintain $60,000. Crypto analyst Jason Pizzino says that if Bitcoin (BTC) falls more than 27% from its current value on the weekly chart, the bull market will be invalidated. In this context, the analyst explains:
The strength is the price action above the bull market support level of $44,600. A close below this level on a weekly or monthly basis would have very serious consequences for the Bitcoin market. This is my turning point, the turning point for the bull and bear market. Below this level are not good signs.
If the leading altcoin hits $2,900, the bull trend will continue!
Jason Pizzino highlights Ethereum’s (ETH) 50% level of the bear market range at $2,900. The analyst predicts that ETH will remain bullish if it convincingly reclaims this support. Accordingly, the analyst makes the following assessment:
If ETH can push the closes above $2,900, this will put it in a much stronger position for the next move. If it continues to falter here and is rejected, this is not a great sign for ETH. You’ll likely see another downside move or at least a test of the lows between $2,400 and $2,500.
New hope for Ethereum as it shows bullish signs!
Meanwhile, popular crypto analyst Ali Martinez is also hopeful about Ethereum (ETH). The analyst says that ETH price is currently forming a pennant pattern. Martinez points to a pennant forming lower timeframes, indicating a potential increase of over 4% towards $2,820. According to the analyst, the most important support level for Ethereum lies between $2,314 and $2,435. 2.14 million addresses bought 51.67 million ETH, while the current target is $2.930.
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