COINOTAG News reported on March 12th that Joel Kruger from LMAX Digital identifies the recent dip in the crypto market as primarily a result of a sell-off triggered by news interpretation and a necessary technical adjustment due to overextension. This sell-off, however, doesn’t exist in isolation; ongoing uncertainty regarding the U.S. economic outlook has fostered a prevailing risk-off sentiment among investors. Despite these headwinds, Kruger maintains an optimistic outlook, forecasting that Bitcoin is approaching its bottom and anticipates a potential rebound in the second quarter. He emphasized that the price range of $69,000 to $74,000 will likely act as a robust support level for Bitcoin. Furthermore, Kruger suggested that Bitcoin’s narrative as a reliable store of value could facilitate its independence from the often misleading correlations with traditional risk assets, thus enhancing its resilience in the market.
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