As Bitcoin BTC/USD and Ethereum ETH/USD traded higher as of Monday evening, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.
What Happened: Cryptocurrency analyst Justin Bennett noted on his YouTube channel that while Bitcoin has finally broken out of the $42,000 area, it needs to see a daily close above the $42,500 level to confirm a breakout.
He added that the next key area for Bitcoin will be the range from around $44,500 to about $46,000.
$BTC $44k.
— Justin Bennett (@JustinBennettFX) February 7, 2022
Up to $46k is a significant area on the chart.
Still in 75% of my #Bitcoin spot long. https://t.co/doyWqFfI5u
Cryptocurrency analyst Benjamin Cowen said he felt Bitcoin lengthening cycles wanted to prevail.
#Bitcoin lengthening cycles still look like they want to prevail to me. Many seem to have given up on new highs already, but I remain optimistic! pic.twitter.com/XxPEXb6hmj
— Benjamin Cowen (@intocryptoverse) February 7, 2022
Cowen also said there was a "good possibility" Ethereum could break out of its long re-accumulation zone in the $2,000 to $4,000 range, if the market cycle for Bitcoin lengthened over the next 12 to 18 months and it got some “blow-off top” later on.
See Also: How To Buy Bitcoin (BTC)
Meanwhile, pseudonymous cryptocurrency analyst Altcoin Sherpa said Bitcoin might see a lower high around the $47,000 to $52,000 range and could still revisit the $33,000 to $35,000 level.
I reviewed $BTC: Is this the overall macro bottom? Where is the high going to be set at? Personally I think we see a LH around 47-52k or so and then we will see where the low gets set at. Still not dismissing a visit to 33-35k again. #Bitcoin https://t.co/YmMU40Jl4r
— Altcoin Sherpa (@AltcoinSherpa) February 7, 2022
Another pseudonymous analyst Smart Contracter said he feels things are looking good again, noting that Bitcoin’s similar close above the 50-day moving average back in July sparked an almost 100% rally.
typo, 50dma not 100
— Bluntz (@SmartContracter) February 8, 2022
Price Action: Bitcoin is up 3.4% during the past 24 hours, trading at $44,078.47 at press time. Ethereum is up 1.2% during the period to $3,113.70.
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