Crypto Market Update: Potential for Macro Bullish Breakout Amidst Short-Term Bearish Trends
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 in a video shared on Monday, 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.
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).