Renowned cryptocurrency analyst Jason Pizzino said in his latest analysis that ADA, SOL and ETH prices could reach new lows.
Analyst says fix for ADA, SOL and ETH is not over yet
Jason Pizzino shared in a new Youtube post that he expects more, despite the serious fix this year. The analyst warns that it is still possible for him to lose another 40% of the total market value. Thus, Pizzino says we’ll see an additional 14% drop in the TOTAL chart in one case:
If we’re looking at something realistic, of course we can see $600 or $700 billion. A drop of probably 80% to 82% for the realistic region puts us at around $550 billion. We fell 74% to $762 billion, the lowest level in June. Therefore, if we come back from where we are now, the total market capitalization of the market will decrease by about 14%. This can be very important. Maybe there will be an additional 10% discount on Bitcoin, 20% on ETH and a few percent on the rest of the market. This is very reasonable.
According to Pizzino, the lower end of this range will be $550 billion. This represents a decrease of about 40% from where we are now. At the time of writing, the total value of the market (TOTAL) is around $885 billion.
According to crypto analyst, we may return to July 2020 levels in Bitcoin price
In terms of Bitcoin, Pizzino claims that a drop of comparable size will bring BTC to levels last seen in July 2020. The analyst added that this scenario, which will mean a 40% decline, will be an opportunity zone:
Is a 40% drop in Bitcoin conceivable? This is your 40% drop from the current price to key support levels around $11,000 to $11,500, which is the low end of our cycle buying zone. Therefore, it has a realistic point of view.
Pizzino also states that Cardano could face an even more serious correction given that it lost almost all of its value in the 2018 bear market. The analyst predicts that in the worst case, ADA will fall as low as $0.17.
Cardano is currently trading at $0.392. The analyst is also closely watching Solana (SOL), which will drop below $20 if it loses 40% of its price. Additionally, according to Pizzino, Solana can exhibit similar moves to Cardano. In this case, it could drop as low as $12, losing about 60% of its market value.
Solana is trading at $31.21 at the time of writing. As you follow on Kriptokoin.com, its price has taken a hit by around 5% after it crashed recently.
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