Bitcoin has steadied after a brief dip below a critical $90,000 support level on Tuesday, but the leading cryptocurrency’s bottom is likely not yet in, Fairlead Strategies founder and managing partner Katie Stockton told CNBC’s ” Squawk Box .” “The pullback is meaningful,” Stockton said Tuesday. “It can be prolonged. We have oversold conditions already, and yet those oversold conditions have yet to give way to a decisive buy signal.” Bitcoin, invented in 2008 and the world’s first decentralized cryptocurrency, was last trading at about $92,032, down roughly 14% over the past month. The token’s plunge has come in tandem with a broader stock market decline as traders rotate out of volatile digital assets and artificial intelligence-linked stocks into more defensive assets amid heightened economic uncertainty. BTC.CB= 5D mountain Bitcoin over the past five days The S & P 500 — increasingly dominated by AI stocks — fell about 0.5% on Tuesday , on pace for a fourth straight day of declines and its longest losing streak since August. Investors’ flight from risk-on assets is likely to push Bitcoin lower, particularly over the intermediate term, according to Stockton. “Our intermediate-term gauges still point lower,” Stockton said, adding that $78,000 to $80,000 marks the bottom boundary of the level at which the token’s cyclical bull trend could be broken. Longer term, Stockton sees more bullish activity for bitcoin. “On the upside, there’s really not very much resistance and it does have a propensity to stair step higher,” Stockton said. “We’re not quite there yet in terms of the intermediate term metrics looking promising, but to me, the long term trends are still fine,” the technical analyst added.