Is Bitcoin's Downtrend Intact And Will Ethereum Move Higher? Here's What The Experts Are Saying

As Bitcoin BTC/USD consolidated in the $38,000 range as of Tuesday evening and Ethereum ETH/USD moved higher, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he remained cautious on Bitcoin, which showed “some strength” on Tuesday only because the U.S. Dollar Index “remained calm.”

The analyst also said that Ethereum's move towards the resistance zone in the $2,700 to $3,000 level without actual volume was “a bit worrying.”

Cryptocurrency analyst Justin Bennett provided an update on Bitcoin’s relative strength index (RSI) on his YouTube channel.

Bitcoin’s downtrend remains intact and it needs to get above the $40,000 to $42,000 resistance area to confirm the breakout from RSI, according to Bennett.

He added that Bitcoin has to move above the $42,000 level on a daily closing basis to “really flip it back to support.”

See Also: How To Buy Bitcoin (BTC)

Pseudonymous cryptocurrency analyst Kaleo said that while he would love to see Bitcoin move higher to the $43,000 range on Wednesday, the cryptocurrency remains in a “dangerous level” until it reclaimed the intraday high on Tuesday of about $39,300.

Cryptocurrency analyst Benjamin Cowen provided an update on the Bitcoin market cycle return on investment (ROI) on his YouTube channel.

The analyst said that the sell-off in May last year has put Bitcoin’s current (fourth) cycle below the previous cycle in terms of ROI.

“We will need to see Bitcoin at the $90,000 range within a month for it to keep pace with the last market cycle,” Cowen noted.

Price Action: Bitcoin is down 0.3% during the past 24 hours, trading at $38,403.87 at press time. Ethereum is up 0.5% during the period to $2,758.59.

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