When will bitcoin hit the bottom?

[Bermudos]

Investing.com - The world's largest cryptocurrency is trading at around $38,000 today, down 45% from its November all-time high of $68,789.

Experts have long warned that the movement of bitcoin, and the cryptocurrency sector as a whole, is closely related to the behavior of the stock market, so a fall on Thursday, for example, will be associated with the collapse of Wall Street, especially the Nasdaq 100 index, warns CoinMarketCap.

Mark Newton, an analyst at Fundstrat, notes that there are signs that this cryptocurrency is starting to stabilize after a terrible start in 2022.

Although BTC managed to climb from a low of $33,184 to a high of $39,115 earlier this week, Newton believes it is too early to say that we are witnessing a life-changing reversal.

Looking ahead, he sees $40,000 as a critical level that the bulls need to recover in order to gain further momentum. In addition, he warned that a drop below $35K could send this cryptocurrency down to $33K.

“Until bitcoin hits $40,000 at the close of daily trading, it remains in a downtrend and it is technically difficult to rule out further weakness,” Newton notes.

At the start of the week, Morgan Stanley (NYSE:NYSE:MS) acknowledged that bitcoin’s decline is normal, but that problems could arise if the digital asset falls below $28,000. This would push BTC to levels not seen since 2020.

Many investors may only decide to get back into the market when they see significant confirmation of an uptrend, and for now, Morgan Stanley is targeting the $45,000 level.

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