News

Analyst Fundstrat Expects Bitcoin Prices to Bottom at $32,950 in the Next Few Months

0

Bitcoin has a good possibility of bottoming in the upcoming few months, according to a technical analyst at Fundstrat.

Source: Bloomberg

BTC USD down -0.74%

The largest cryptocurrency has moderated after plunging nearly 50% from a record in Nov. In reference to a pricing model tracked by Fundstrat’s Mark Newton, there is a good possibility that a low for Bitcoin is coming in the next few months.

Newton further cautioned against getting bullish now, stating that this is a minor two-week bounce and might be premature to expect the start of a new intermediate-term rally.

Among key technical indicators to observe, prices moving past $40,000 would be an important signal for bulls. A further decline below $35,511 would set up a test of $32,950.

Bitcoin has dropped in recent weeks amid a global plunge in risk assets on rising concerns about a hawkish Fed. Tokens, such as Bitcoin and Ether, are growing more linked with assets like stocks.

fxcoach

Euro Area Economic Growth Slips in January on Surging Omicron Variant

Previous article

Meta’s Facebook Reality Labs Loses $10.2 Billion in 2021

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News