According to technical analysts at Fundstrat, led by bitcoin price forecasting enthusiast Tom Lee, bitcoin may soon bottom out.

Mark Newton of Fundstrat Global Advisors told Bloomberg that it is "highly likely" that bitcoin will bottom in the spring. However, he warned that cryptocurrency traders won't see a bull market for a while. And a trend reversal in the first price within 2 weeks doesn't mean the uptrend is about to resume.

A drop below the $35,500 level would force Bitcoin to retest the $32,950 support area. This is the lowest point in the BTC price on Jan. 24.

However, if the bitcoin price can break above $40,000 Newton says that could be a key entry point for the bulls. He believes bitcoin will continue to move lower until BTC breaks above that level.

According to data from the, Bitcoin was trading at a market value of $37,250 coins

Twins Winklevoss and the President of El Salvador Discuss Bitcoin

Tyler Winklevoss and the founder of the Gemini exchange took to Twitter to urge his followers to calm down, saying that Bitcoin "is not a fast horse. It's a car that flies."

Bitcoin is not a faster horse; it’s a flying car

–Tyler Winklevoss (@tyler) February 1, 2022

Meanwhile, Nayib Bukele, the president of El Salvador and a leading bitcoin advocate, tweeted that he expects BTC prices to rise significantly over time. He deduced that there are over 50 million millionaires worldwide. If one day they want to own at least one bitcoin. This demand will drive the price soaring, as bitcoin is limited to 21 million bitcoins.