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Analysts believe Bitcoin has reached a bottom, but how low can it go?
Bitcoin has dropped about 4% in the previous 24 hours as the market anticipates another gloomy turn of events, with analysts predicting a ‘BTC bottom might be imminent.’
Bitcoin is down 46.64 percent from its all-time high of almost $69,000, and while tiny recoveries have been noted, a definite upward impetus has yet to be discovered.
With the southward trend becoming more visible, the critical issue remains: Where is Bitcoin’s bottom?
Examining the Bitcoin Bottom
According to a recent Bloomberg story, Bitcoin pricing might experience a cycle bottom in a few months, based on data supplied by an analyst at Fundstrat led by Tom Lee.
According to Mark Newton of Fundstrat Global Advisor, there is a “good possibility” that Bitcoin will strike a price bottom in the approaching spring.
Furthermore, the expert has cautioned against being overly enthusiastic on the king coin at this time, as a fresh mid-term rally has yet to begin, and the tiny two-week bounce that BTC saw does not necessarily imply that a rally is imminent.
He said:
“This minor two-week bounce might still be premature in expecting a new intermediate-term rally has begun”
