Will Bitcoin Take Out Yearly Open Or Is It Still In Search Of A Bottom? Here's What The Experts Are Saying

As Bitcoin BTC/USD traded higher as of Monday evening, four analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.

What Happened: Cryptocurrency analyst Justin Bennett said it was time for Bitcoin to take out the yearly open at $46,200.

$BTC time to take out the yearly open at $46,200.

Gn. #Bitcoin pic.twitter.com/4HR2yV5fUu

— Justin Bennett (@JustinBennettFX) February 15, 2022

He added that U.S. dollar index’s (DXY) move to below 95.13 would be bearish and allow cryptocurrencies to strengthen.

If the $DXY is going to make good on the bearish engulfing week from early Feb., this is where I'd expect it to start.

Above 97.30 is bullish.
Below 95.13 is bearish.

We want the latter for #cryptos to strengthen. pic.twitter.com/kdbdPQBfNG

— Justin Bennett (@JustinBennettFX) February 14, 2022

Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin remains well below the bull market support band.

#Bitcoin: Bull Market Support Band Updatehttps://t.co/UQg8ImdJMi

— Benjamin Cowen (@intocryptoverse) February 15, 2022

“The point is when we go below the bull market support band, it usually takes a while before we actually have a realistic shot at getting back above it,” Cowen said.

The analyst noted that the 20-week SMA (Simple Moving Average) for Bitcoin is at around $50,700, while the 21-week EMA (Exponential moving Average) is around $46,300.

See Also: How To Buy Bitcoin (BTC)

Pseudonymous analyst Altcoin Sherpa said he does not believe Bitcoin has touched a bottom and was waiting to see where the apex cryptocurrency’s next lows will be printed.

$BTC: This is a market review and thoughts on #Bitcoin. I think it's really interesting to see where the next lows are printed.

Still not really ready to call this totally bottomed yet personally.https://t.co/xy86cljOzS

— Altcoin Sherpa (@AltcoinSherpa) February 14, 2022

The analyst said on his YouTube channel it was entirely possible that the $34,000 to $35,000 range is the bottom for Bitcoin since the area is a high-volume node and a “pretty decent area” to fund support at.

Another pseudonymous analyst Credible Crypto said Bitcoin could move to the $45,000 to $47,000 region without filling the CME gap if it reclaimed the level below $42,625.

Still just chopping about and moving sideways. I know many are eyeing the CME gap and swing lows below and while these inefficiencies are often filled that is not always the case. A reclaim of RED and we likely head back to 45-47k without filling the gap. $BTC https://t.co/J2GW0QCs6N pic.twitter.com/hax8wIO2oe

— Credible Crypto (@CredibleCrypto) February 15, 2022

Price Action: Bitcoin is up 3.5% during the past 24 hours, trading at $43,721.83 at press time.

Read Next: Canada Invoking Emergency Rules Means Bitcoin, Ethereum, Dogecoin Can Also Be Seized