Is Bitcoin about to hit rock bottom?

Is Bitcoin about to hit rock bottom?

According to a technical expert at Fundstrat, bitcoin has a decent possibility of bottoming out in the next months.
After plummeting over 50% from its November high, the largest cryptocurrency has recently stabilized. According to Mark Newton of Fundstrat, there's a "good chance" that Bitcoin will hit bottom in the spring months, based on a price model he's been following.
Nonetheless, he warned against being too enthusiastic just now. "This little two-week bounce may be premature in anticipating the start of a new intermediate-term rise," Newton said
Prices moving above $40,000 would be essential for bulls, he noted, as one of the major technical milestones to watch. He predicted that a drop below $35,511 would lead to a test of $32,950, or approximately the intraday low of January 24.
Bitcoin has fallen in recent weeks as a result of a global sell-off in risk assets due to mounting fears of a hawkish Federal Reserve. As more traditional investors enter the market, tokens such as Bitcoin and Ether are becoming more connected with assets such as equities.
Even if Newton believes the market will bottom soon, he is still wary.
"It remains in a downward sloping pattern until $40,000 is exceeded on a daily close, and it's tough to rule out more weakness technically speaking," he added.