Analysts say 'it's time to start thinking about a bottom' for Bitcoin

Some analysts are predicting that since Bitcoin has bounced off $36,000, 'It's time to start thinking about a bottom in cryptos.'

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Bitcoin has been in a steady decline since its all-time high of $69,000 back in November, but the digital asset seems to have stopped dropping in value despite the fear-uncertainty-and-doubt (FUD) that plagues global finance markets.

Analysts say 'it's time to start thinking about a bottom' for Bitcoin 01

There are many reasons for the continuous decrease in value for Bitcoin since November 2021, and most of them are macro factors that are playing out across global financial markets. One big macro factor is the Federal Reserve considering hiking up interest rates four times over the course of 2022 in a bid to combat inflation. Not only has the cryptocurrency markets taken a hit from this news, but so has the US stock market.

Some analysts believe that the "bottom" for Bitcoin's price has already arrived ($35,000 to $38,000 range), with technical analyst John Bollinger writing on Twitter on January 25, "It's time to start thinking about a bottom in cryptos." Bollinger goes on to say that his personal plan is to wait for this bottom to be apparent and re-enter the market once it's confirmed that the downtrend has stopped.

As with all financial trading, it's almost impossible to predict the outcome of an asset, which is why it's highly recommended to do your own research before deciding on what asset you want to invest in.

NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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