Analyst: Bitcoin is nearing a bottom, and is expected to rebound in the second quarter

BlockBeats News, March 12th, Joel Kruger of LMAX Digital believes that the current weakness in the crypto market is "more of a sell-off effect following news realization and a technical overextended adjustment, rather than other factors."

However, of course, there are more factors at play. Due to the uncertainty in the U.S. economic outlook, it has triggered a risk-off sentiment in the market.

Nevertheless, Kruger still believes that Bitcoin is nearing a bottom and is expected to see a rebound in the second quarter. In the previous resistance range of $69,000 to $74,000, Bitcoin "should receive very strong support."

Earlier, Kruger stated that Bitcoin's "value storage" narrative might help it break free from the "misleading" correlation with traditional risk assets. (Blockworks)