Analyst: Bitcoin is approaching its bottom, expected to rebound in the second quarter

On March 12, Joel Kruger of LMAX Digital believes that the current weakness in the crypto market is "more due to a sell-off effect after news realization and technical over-adjustment, rather than other factors." But of course, there are many more factors at play. The uncertainty about the US economic outlook has triggered market risk aversion.

Despite this, Kruger still believes that Bitcoin is nearing its bottom and expects a rebound in the second quarter. In the previous resistance range between $69,000 and $74,000, Bitcoin "should receive strong support". Kruger had previously stated that Bitcoin's "store of value" narrative may help it break away from its 'misleading' correlation with traditional risk assets.