As Bitcoin and Ethereum Rebound Ahead Of FOMC Decision, Here's What 4 Analysts Are Saying

As Bitcoin BTC/USD and Ethereum ETH/USD rebounded on Tuesday evening ahead of the Federal Reserve’s monetary policy announcement on Wednesday, here’s what four analysts are saying about the two largest cryptocurrencies by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he believes Bitcoin hit a bottom on Dec. 4 and the bull market is not over. He added that the impact of new measures such as tapering by the Federal Reserve has already been priced in.

I repeat again; the bottom on #Bitcoin was hit on 4 December.

The bull market isn't over.

— Michaël van de Poppe (@CryptoMichNL) December 14, 2021

Regarding Ethereum, Van de Poppe said the cryptocurrency is “doing just fine” and he feels it is ready for a retest of its previous breakout level before it continues moving.

#Ethereum is doing just fine.

Some key levels to watch, but seems to me that we're just ready for a retest of previous breakout level, before we continue moving. pic.twitter.com/HytQPWHCy3

— Michaël van de Poppe (@CryptoMichNL) December 14, 2021

Cryptocurrency analyst Benjamin Cowen said that Bitcoin is "stretching its legs," while he believes 2022 will be another good year for Ethereum.

#Bitcoin stretching its legs

— Benjamin Cowen (@intocryptoverse) December 14, 2021

I think 2022 will be another good year for $ETH

— Benjamin Cowen (@intocryptoverse) December 15, 2021

See Also: How To Buy Bitcoin (BTC)

Pentoshi, a closely-followed pseudonymous cryptocurrency trader with over 415,000 Twitter followers, retweeted his earlier post, noting that he has started buying back Bitcoin after having sold the cryptocurrency last month.

Have started buying back significantly what I've offloaded in $BTC the last month. Will bid down to 42k. I think we could have another 10% down but we'll see what market gives. I am ready

I've also been transparent, and given all my thoughts in an extremely detailed manner :) https://t.co/oRvPTkkp8v pic.twitter.com/Utei8roS1o

— Pentoshi satsdarts lover (@Pentosh1) December 13, 2021

Justin Bennett, a cryptocurrency analyst and trader, said that Bitcoin may have bottomed, but it needs to return to the $53,000 level to turn constructive again.

$BTC is still holding above the April trend line.

Break that, and I'll look to $43k as the next support.#Bitcoin needs to get back above $53k to turn constructive again.

Lots of chop following the Dec. 4th candle as expected.

8-hour chart: pic.twitter.com/GHLxTvOo6T

— Justin Bennett (@JustinBennettFX) December 14, 2021

He cautioned investors to be careful as the Federal Reserve’s monetary policy decision could trigger a lot of volatility.

Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, rebounded along with other major cryptocurrencies on Tuesday.

With inflation remaining at an elevated rate, the Federal Reserve is widely expected to accelerate its timetable for reducing bond purchases. Many investors expect the Fed to begin raising interest rates shortly after bringing its asset purchase program to a halt.

Price Action: Bitcoin is up 2.5% during the past 24 hours, trading at $48,558.44 at press time. Ethereum is up 2.0% during the 24-hour period to $3,882.86.

Read Next: Why Cathie Wood Thinks Ethereum Is More Undervalued Than Bitcoin