According to Fundstrat technical analyst Mark Newton bitcoin It is likely that the bottom point will be seen in the coming months.
world’s largest cryptocurrency Bitcoin seems to have stabilized after the 50% loss it experienced after the November peak. According to the price model of Fundstrat analyst Mark Newton, the bottom point for Bitcoin may be exceeded in the coming spring months.
Despite this, Newton explained that it is still too early to think in favor of the bulls: “With the small jumps in the last two weeks, it may be premature to think that a new medium-term rally has started.”
Newton: “$40,000 and $35,511 Levels Are Critical to Bitcoin”
The technical analyst also revealed some price levels to watch for BTC. A rise above $40,000 could be significant for the bulls. However, the analyst thinks that if it breaks below $35,511, the January 24 low of $32,950 may become the new test point.
Globally, risky assets have suffered significant losses in recent weeks after the Fed announced that it would make decisions to tighten. Bitcoin and traditional investors Ethereum With more and more investments in cryptocurrencies, such as cryptocurrencies, the crypto money sector has started to move in parallel with the stock markets.
At the time of this writing, BTC price is trading at $36,550 with a daily loss of 2.11%.
Newton explained that although he thinks the bottom will be seen soon, he is still cautious: “Unless the $40,000 level is exceeded during the daily close, it means the bearish trend continues. Technically speaking, I can’t rule out the possibility of further weakness.”
*Not investment advice.