Like Bitcoin (CRYPTO:BTC) retreated below the $42,000 range on Tuesday evening, four expert analysts and traders shared their thoughts on the largest cryptocurrency by market capitalization.
What happened: Popular cryptocurrency analyst based in Amsterdam Michael van de Poppe told his more than 561,000 Twitter followers that Bitcoin is still looking for support, while higher timeframe levels hold.
He believes that if the area around the $41,300 level is important for Bitcoin, the cryptocurrency will likely see some further testing on the lower regions before bouncing back.
The area at $41.3000 is an important zone for #Bitcoins, although I guess we will see some new tests playing out on the lower regions (most likely scenario before the reversal). pic.twitter.com/coTJ1Flh37
— Michael van de Poppe (@CryptoMichNL) January 18, 2022
Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin has been trending systematically and locally over the past two months.
He thinks investors should be looking for either a rounded bottom or a “massive capitulation wick” that will tend to kick off the cryptocurrency’s next sustained uptrend.
See also: How to buy Bitcoin (BTC)
Pseudonymous cryptocurrency analyst Altcoin Sherpa told his more than 165,000 Twitter followers that he was still waiting for a “big sell-out candle” followed by a slow grind for Bitcoin.
$BTC: Here is my video on #Bitcoins and how I think the bottom will form. I’m still waiting for a sell-off candle followed by a slow grind. You don’t know where the bottom is; either here, 37k or 35k. In short, I have no idea. https://t.co/yv9JGP0HuS
—Altcoin Sherpa (@AltcoinSherpa) January 18, 2022
“The key to finding a bottom is some sort of final scramble before another crush and then a recovery,” the analyst said on his YouTube channel, adding that he hopes the $37,000 range will be the lowest for Bitcoin. .
Cryptocurrency analyst Justin Bennett said he still expects Bitcoin to rebound 20%-30% from the $40,000 region in the coming weeks.
$BTC holding above $42,000 despite weakness in stocks.
I still expect a 20-30% rebound from the $40,000 area. Just a matter of time, IMO.
— Justin Bennett (@JustinBennettFX) January 18, 2022
price action: Bitcoin is down 1.8% in the past 24 hours, trading at $41,310.66 at press time.
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