- Crypto Youtuber Jason Pizzino discusses S&P 500 and Nasdaq 100’s downfall in his latest Youtube video.
- The Youtuber also talks about Bitcoin’s fourth bear market hit at $20,4000.
- He also mentioned that the cryptocurrency market might experience another 20% to 60% downfall.
Cryptocurrency Youtuber Jason Pizzino in his Youtube video titled “Bitcoin: Pump & Dump” started talking about the S&P 500 Index’s lowest close since December 2021. Pizzino further predicts that the downtrend will hold out longer, as suggested by the support sign. However, he advises his viewers to be aggrieved as the downtrend is only a macrocycle resulting from a mega bull market from March 2020 to early 2022, going through a correction.
While Pizzino highlights the fact that a bear market may soon arrive, he also confirms that the market hasn’t broken the bear trend yet and is far from that point as of right now.
Shifting over to Nasdaq 100, Pizzino observes a similar downfall projection with a slightly higher drop compared to the June low. He also suggests a possible retest at around 10,600 points, while featuring a “danger level” at 8,900 points.
In addition, he notes that while the USD is booming, Bitcoin has not yet collapsed and has gained strength compared to other cryptocurrencies in the market currently losing value. Pizzino then recapitulates that while the market can possibly go down further, Bitcoin is displaying resilience and remaining steady since June 2022 against the US Dollar’s increase.
At $20,400, Bitcoin suffered its fourth hit on the bear market downtrend falling close to $18,500. According to Pizzino, the BTC downfall in the months of August and September was anticipated. However, he did expect volatility from Bitcoin in October, including an additional dip before a rise.
The current cryptocurrency market cap excluding Bitcoin, Ethereum, and Stablecoin, stands at $221 billion. Pizzino expects another extra 20% to 60% slide for the coins for the next 1 to 12 months ranging from a downside of $100 billion to an upside of $200 billion as Bitcoin recovers.
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