Fundstrat predicted that bitcoin would reach a local bottom

Fundstrat predicted that bitcoin would reach a local bottom

In the next few months, bitcoin quotes with a “good probability” may reach a local bottom, but investors should proceed with caution. Bloomberg writes about this , citing Mark Newton, Managing Director of Fundstrat.

In the past few days, the rate of the first cryptocurrency has stabilized after updating the local minimum below $33,000. According to Newton, this slight rebound may be false and does not indicate the beginning of an “interim rally”.

Among the key technical levels for bulls, he singled out $40,000. According to the analyst, if quotes fall below $35,511, there is a possibility that the first cryptocurrency will test $32,950. 

“Until the daily close exceeds $40,000, [Bitcoin] remains in a downtrend and it is technically difficult to rule out further weakness,” Newton said.

At the time of writing, the first cryptocurrency is trading near $36,400. The price of the asset has decreased by 5.5% in a day, according to CoinGecko . 

Earlier, trader Michael van de Poppe noted that if digital gold quotes fail the $37,000 level, the asset price will begin to rapidly decline to the $34,000-$35,000 range.

Recall that JPMorgan analysts have lowered the fair value of bitcoin from $150,000 to $38,000.

TTBR

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