Cryptocurrency prices soared on Friday, with Bitcoin’s market value increasing by more than 1%. After falling below $37,000 on Thursday amid expectations of US monetary policy tightening, the cryptocurrency has reclaimed the level today. ETH too is up 5.6% and all other tokens follow suit.
According to a recent Bloomberg article, Bitcoin pricing could experience a cycle bottom in a few months, based on data provided by an analyst at Fundstrat led by Tom Lee. According to reports, Mark Newton of Fundstrat Global Advisor believes that Bitcoin will strike a price bottom in the approaching spring.
Furthermore, the expert cautioned against being positive on the king coin at this time, as a new mid-term rally has yet to begin, and BTC’s tiny two-week rebound does not necessarily indicate that a rally is underway.
While many suggest that BTC touching the $32.9K barrier on January 24 might represent a BTC bottom, this notion was met with skepticism.
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While BTC’s price remains above $36K for the time being, a drop below $35.5K might bring Bitcoin to the $32K zone, marking a market cycle bottom. On the other hand, if BTC’s price rises beyond $40K in the near term, it might be a watershed moment for BTC bulls.
Furthermore, according to CryptoQuant analysts, BTC’s taker-buy-sell ratio suggests that the market might witness another BTC correction in the next 10 days, and that it could trade sideways around the $33K-$40K region in the short to medium term.
As a result, for the time being, the $32K price zone appears to be the market bottom, from which BTC could tumble if another decline occurs. Nonetheless, nothing is guaranteed in the crypto-verse, and if BTC falls below $32K, $28K might act as the next solid support.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-bottom-out-at-this-level/