Bitcoin is expected to trade within a range, be sensitive to the macroeconomic situation such as interest rate rises and continue to be volatile.
"I think there's a little bit more downside, but I don't think there's going to be a lot," Bill Tai, a venture capitalist and crypto veteran told CNBC last week.
"I don't think there's a lot of forced selling remaining, which is optimistic," Demirors told CNBC Friday.
Bitcoin has proved to be closely correlated to risk assets such as stocks, and in particular, the tech-heavy Nasdaq .
Last year, the Fed embarked on an aggressive interest rate hike path to try to tame inflation, which hurt risk assets along with bitcoin.