Cryptocurrency analyst Jason Pizzino predicts a pause in the upward trajectory, citing Bitcoin's proximity to a key resistance point that could cause the price to drop significantly.
According to the analyst, the price of BTC is expected to drop between 20% and 22%, reaching a possible support level of $37,000 to $39,000 before Bitcoin halving.
Pizzino pointed out that BTC is currently trading at a key resistance level during the bull market and could lead to a significant price correction.
Following the official approval of the Bitcoin spot ETF by the SEC, the price of Bitcoin has skyrocketed.
The cryptocurrency rose to $49,000 on Thursday, January 11, after spot Bitcoin ETFs launched and investors officially began trading.
However, Bitcoin prices recently experienced a major downturn following news of Vanguard restricting customers from trading spot Bitcoin ETFs on the platform.
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