Thinking of investing in Bitcoin at current market price? Wait, you may want to read this first and then decide.
According to Mark Newton of Fundstrat Global Advisors, there is “a good possibility” that Bitcoin will reach a bottom before spring. He cautioned against getting too enthusiastic on the flagship currency right now, as a new intermediate-term rise has yet to begin, and the miner’s two-week recovery does not indicate a rally is on the way.
If Bitcoin falls below $35,500, it will challenge the $32,950 level, which was BTC’s low on January 24. However, according to Newton, if Bitcoin climbs above $40,000, it will be critical for crypto bulls. Bitcoin is likely to remain in a negative trend until this level is breached, he predicts.
The price of Bitcoin has been falling in recent weeks. BTC and Ethereum have begun to exhibit a high correlation with traditional assets, prompting traditional investors to join the crypto bandwagon. According to CoinMarketCap data, the leading global cryptocurrency is currently valued at $36,457 at press time.
In the short run, Noelle Acheson, head of market analytics at Genesis Global Trading Inc., isn’t optimistic about Bitcoin. According to him, the crypto derivatives market’s indications are neutral but continue to exhibit a downward trend. He claims that the crypto market is currently in a wait-and-see mode.
Phew! Some are expecting bounce and some are expecting dip, who will you listen to? Comment your bounce or dip thoughts in the comments section below.