As Bitcoin BTC/USD slipped below the $47,000 level on Sunday evening, here’s what four analysts and expert traders are saying about the largest cryptocurrency by market capitalization.
Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his 546,000 followers on Twitter that he believes the two important levels for Bitcoin are $48,000 and $49,400 level, the latter of which caused the latest correction for the apex cryptocurrency.
Two levels I find important for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) January 2, 2022
� $48,000, the one we're currently rejecting on.
� $49,400, the one that caused the latest correction and should flip for a bullish test of potentially mid $55k. pic.twitter.com/zISQu2IcDV
He added that Ethereum ETH/USD is currently showing more strength than Bitcoin and a “clear confirmation” was that the cryptocurrency broke above the $4,100 level.
#Ethereum is showing more strength than #Bitcoin at this point.
— Michaël van de Poppe (@CryptoMichNL) January 2, 2022
A beautiful retest of that region around $3,500, which should be enough for this correction.
Clear confirmation = break above $4,100. pic.twitter.com/rvSc3pEzoe
Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin closed another week below the bull mark support band and he doubted whether the apex cryptocurrency will have a “parabolic” first quarter.
“If we get that breakout to the upside and we can break above $53k, then full steam ahead,” Cowen added.
See Also: How To Buy Bitcoin (BTC)
Pentoshi, a closely-followed pseudonymous cryptocurrency trader with over 452,000 Twitter followers, said he will be "macro bearish" until Bitcoin reclaims the $58,000 to $60,000 range, but will be bullish at local areas.
You can be long locally and be bearish
— Pentoshi DM'S ARE SCAMS (@Pentosh1) January 2, 2022
Bc you trade off IF x happens then x = like result
Yes. I will long logical areas in a downtrend. I will be macro bearish until 58-60k reclaim. And bullish at local areas.
Learn to tell the difference. Trade the levels https://t.co/vgoKfnNbAm
Altcoin Sherpa, a pseudonymous cryptocurrency analyst who has over 162,000 followers on Twitter, said he believes Bitcoin has likely found a "relative bottom" and the apex cryptocurrency could see price action similar to summer 2021.
$BTC: Very quick thoughts on #Bitcoin, I do believe the relative bottom is in. We could see a quick wick down below the lows but I think that we see price action similar to summer 2021. pic.twitter.com/3eBvPdazy1
— Altcoin Sherpa (@AltcoinSherpa) January 1, 2022
Price Action: Bitcoin is down 0.5% during the past 24 hours, trading at $46,917.39 at press time, while Ethereum is up 1.7% during the period to $3,805.94.
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