TechFlow news, altcoin trader and crypto analyst Jason Pizzino believes Bitcoin could see a strong rebound despite ongoing market volatility.
He pointed out that if Bitcoin retests the support level of $23,500, bears are likely to launch a full-scale attack. He said: "The Bitcoin community might react wildly to this gap. A drop from $26,000 to $23,500 represents roughly a 9% difference. I mention this because market fluctuations have been relatively small; once they exceed a few percentage points beyond normal levels, they could spiral out of control."
Pizzino expects Bitcoin may undergo a sharp correction, temporarily pushing prices lower to attract more short sellers before establishing a bullish setup. He noted: "Perhaps Bitcoin will quickly pull back to the 50% retracement level at $23,600, which has consistently acted as solid support across various timeframes since 2023." The formation of a bullish setup typically signals that a price bottom has formed and the trend may be poised to strengthen.
