Here's a realistic worst-case scenario for bitcoin and crypto, according to analyst Jason Pizino

Here’s a realistic worst-case scenario for bitcoin and crypto, according to analyst Jason Pizino

A famous cryptocurrency strategist is determining where Bitcoin (BTC) and the rest of the cryptocurrency markets might go in a worst-case scenario.

In a new strategy session, Jason Pizzino told his 276,00 YouTube subscribers that the total market value of crypto assets could lose another 40% of its value even after this year’s deep correction.

“So for a realistic area, an 80%-82% drop would probably be about $550 billion, and if we’re looking for anything in the middle, make sure you can get $600 or $700 billion. Currently, we’re down by 74% to the level [June] as low as $762 billion.

So, for the drop from where we are currently back to bottom [$762] billion, which represents a 14% drop in the total cryptocurrency market capitalization. This can be very important. You’ll probably get 10% off Bitcoin, 20% off ETH and several percent off in the rest of the market…that’s very realistic.

Somewhere at the bottom of that range ($550 billion) there is a drop of about 40% from where we are currently.”

Source: Jason Pizzino / YouTube

At the time of writing, the total cryptocurrency market cap is around $887 billion.

As for Bitcoin, Pizzino says a drop of the same size will bring BTC down to levels last seen in July 2020.

“Is it even possible for Bitcoin to drop 40%? From the current price to the significant support levels around $11,000-$11,500, which is the bottom of your cycle buying zone, this is your 40% drop… so it is in a realistic perspective” .

Source: Jason Pizzino / YouTube

Looking at Ethereum (ETH) competitor Cardano, Pizzino says a deeper ADA correction is possible considering that the smart contract platform lost nearly all of its value during the 2018 bear market.

In a worst-case scenario, the analyst sees ADA dropping all the way to $0.17.

“The previous cycle of the ADA, it was down 98%, so it’s not really unrealistic to think that this could go further into my negative target, maybe 94% – 95% down from the top, which is still lower than the previous cycle.”

Source: Jason Pizzino / YouTube

At the time of writing, Cardano is exchanging hands for $0.39.

The trader is also keeping an eye on Solana (SOL), which he says could drop below $20 if crypto markets lose 40% of their value. Pizzino also says it’s possible Solana will follow in Cardano’s footsteps and wipe off about 60% of its market capitalization, bringing SOL up to $12.

Source: Jason Pizzino / YouTube

At the time of writing, SOL is trading at $30.88.


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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured image: Shutterstock / Olivier Le Moal

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