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A popular crypto strategist plots where Bitcoin (BTC) and other crypto markets could bottom out in the worst-case scenario.
In a new strategy session, Jason Pizzino told his 276,000 YouTube subscribers that the total market capitalization of crypto assets is within the likelihood of losing another 40% of its value, even after this year’s significant correction. It is said that it is in
“So in the realistic zone it’s probably an 80% to 82% drop down to about $550 billion. If you’re looking in between, get $600 billion or $700 billion. You can, it’s currently down 74%. [June] $762 billion minimum.
Therefore, for a fall from the current low, [$762] This is a drop of around 14% across the cryptocurrency market capitalization. It’s very important. Maybe 10% off Bitcoin, 20% off ETH, and a few more percentage points off the rest of the marketthat’s very real.
Somewhere in that range ($550 billion) is down about 40% from where it is today.
At the time of writing, the market capitalization of cryptocurrencies is around $887 billion.
As for Bitcoin, Pizzino said a similarly sized drop would see BTC drop to levels last seen in July 2020.
Could Bitcoin go down as much as 40%? From current prices to critical support levels around $11,000-$11,500, this is the bottom of the buy zone of the cycle and thats a 40% drop So it’s within the realm of a realistic view.”
Looking to Ethereum (ETH) challenger Cardano, Pizzino said ADA could see a more serious correction given that the smart contract platform lost almost all of its value during the 2018 bear market. said.
In the worst case scenario, analysts see ADA plummeting to $0.17.
Last cycle ADA was down 98%, so it’s not unrealistic to think that this could be my downside target, maybe 94% to 95%, but this is lower than the previous cycle. is still low.
As of this writing, Cardano is trading hands at $0.39.
Traders are also eyeing Solana (SOL), which could drop below $20 if the cryptocurrency market loses 40% of its value, he said. Pizzino also said that Solana could follow in his Cardano footsteps, wiping out about 60% of the market cap and SOL as low as $12.
At the time of writing, SOL is trading at $30.88.
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Featured Image: Shutterstock/Olivier Le Moal
