Mark Newton, Managing Director of Fundstrat, has said that in the next few months, the Bitcoin price with a “good probability” may reach a local bottom, but investors should proceed with caution, Bloomberg has reported.
In the past few days, the price of the largest crypto in the market has stabilized after updating the local minimum below $33,000. According to Newton, this slight rebound may be false and does not necessarily indicate the beginning of an “interim rally.”
Among the key technical levels for bulls, he singled out $40,000. According to the analyst, if the prices fall below $35,511, the first cryptocurrency may test $32,950. He said:
“Until the daily close exceeds $40,000, Bitcoin remains in a downtrend and it is technically difficult to rule out further weakness.”