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July 18, 2024
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Bitcoin Price Retests $25.9K: Are We Approaching a Macro Bullish Breakout?

The post Bitcoin Price Retests $25.9K: Are We Approaching a Macro Bullish Breakout? appeared first on Coinpedia Fintech News

The cryptocurrency market continued to trend in a bear market during the early Asian and London sessions on Monday. According to the latest crypto price oracles, Bitcoin price was retesting the support level around $25.9k after closing last week on a Doji candlestick. Bitcoin’s horizontal accumulation that began mid-March this year is on the verge of being invalidated with a downtrend breakdown.

Nonetheless, popular digital asset analyst Michael Pizzino argued in a YouTube video that the crypto market is fast approaching the macro bullish breakout after a major accumulation.

Pizzino’s Take on Top Digital Assets

According to the analyst, the Bitcoin market has issued a massive bull signal despite the short-term bearish outlook. Notably, the analyst compared the current Bitcoin price retest below $26k to the 2015/2016 accumulation and breakout that yielded a massive rally. Pizzino noted that Bitcoin price is likely to drop further towards the $24k level if the current support zone around $26k fails to hold in the coming days.

Read More: Bitcoin Price Prediction: Can BTC Reach $50,000 in 2023?

Similarly, the analyst expects Ethereum (ETH) to trend closely with Bitcoin price action in the coming weeks. Notably, Pizzino expects top digital assets to register a 50 percent drop from the bear market rally top, thus arguing ETH price could hit $1600 soon.

As for Solana (SOL), Pizzino expects the short-term weakness to push the asset toward $18 after the digital asset failed to rally beyond the pre-FTX levels. Nevertheless, the Solana ecosystem is significantly bolstered by its vibrant DeFi ecosystem with about $310 million in total value locked (TVL). 

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