While Bitcoin BTC/USD was in the $38,000 range Thursday evening, four analysts and expert traders shared their thoughts on Twitter Inc TWTR about the largest cryptocurrency by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe projects “another sweep of the lows” for Bitcoin around the $30,000 to $33,000 range and a bullish divergence after that.
Noting the fall in the U.S. dollar index after the European Central Bank (ECB) announced it is not hiking interest rates, Van de Poppe said the index showing more weakness would be a good signal for Bitcoin and other risk-on assets in the longer term.
Cryptocurrency analyst Justin Bennett also struck a similar tone, saying a weaker U.S. dollar Index likely meant a stronger Bitcoin. He noted the U.S. dollar index closing this week below last week’s open of $95.63 implied a “weekly bearish engulfing.”
See Also: How To Buy Bitcoin (BTC)
Cryptocurrency analyst Benjamin Cowen said he is waiting for the Bitcoin correction to end.
Cowen noted on his YouTube channel that if Bitcoin’s correction played out the same way as the earlier one last summer, it would mean investors are looking at a “fairly uneventful market” for at least another couple of weeks
He said investors should remain cautious as Bitcoin’s bottom could be $33,000 or less.
Meanwhile, pseudonymous cryptocurrency analyst Altcoin Sherpa reiterated Bitcoin could probably revisit the $33,000 range even if it is the bottom.
Price Action: Bitcoin is up 11.02% during the past 24 hours, trading at $40,592.70 Friday afternoon at publication. Ethereum is up 13.54% during the period to $2,957.40.
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