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Jason Pizzino, crypto trader & analyst at YouTube / Trading, highlights that Bitcoin has broken down to $64,000 and questions where buying support might come from.
He suggests that some may believe Michael Saylor is no longer purchasing Bitcoin, potentially impacting market sentiment.
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Pizzino previously noted that smart money investors have been selling Bitcoin as part of its recurring four-year cycle, according to a recent observation. He also reported that Bitcoin bulls had started to shift their views with a market cycle low approaching, suggesting further capitulation may be necessary in the near term in an earlier analysis. These perspectives have informed recent discussions on potential support levels for Bitcoin.