As Bitcoin Continues to Slide, Here's What 5 Analysts Are Saying Right Now

As Bitcoin BTC/USD continued to slide on Friday, hers’s what five analysts are saying about the largest cryptocurrency by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he believes Bitcoin is nearing a bottom and this will be followed by another big cycle next year.

Bottoms take time.

Unfortunately, they do.

And we're getting close to it with #Bitcoin.

After that, we'll get another big cycle in 2022.

All good.

— Michaël van de Poppe (@CryptoMichNL) December 9, 2021

Kaleo, a pseudonymous technical analyst who has more than 455,000 followers on Twitter, retweeted his earlier post that says he still expects “one more flush” for Bitcoin to around the $48,500 level, followed by a rebound.

WAS ABSOLUTELY BLINDSIDED WHEN I WOKE UP AND SAW THE DIP THIS MORNING WHY DO BAD THINGS HAPPEN TO GOOD PEOPLE https://t.co/5iH1LvhSiV

— K A L E O (@CryptoKaleo) December 9, 2021

See also: How To Buy Bitcoin (BTC)

Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he expects Bitcoin to remain range-bound over the next few weeks, even as he remains bullish on the cryptocurrency.

I expect $BTC to range the next few weeks to be honest. I am going to just dollar cost average into this range with a stop loss below the lows (on high time frame charts). Let's form a higher low and go up https://t.co/WOPATqd5rt

— Altcoin Sherpa (@AltcoinSherpa) December 9, 2021

Justin Bennett, a cryptocurrency analyst and trader, noted that 2021 has been a year of consolidation for Bitcoin and the cryptocurrency continues to consolidate.

People see a 38% drop from $BTC and panic.

Those same people call for a bear market at every broken support.

The fact is that 2021 has been a year of consolidation for #Bitcoin.

What we're seeing now is just more of the same. pic.twitter.com/1KSM0LBx3R

— Justin Bennett (@JustinBennettFX) December 9, 2021

Cryptocurrency analyst Benjamin Cowen noted that Bitcoin is still trading between the Simple Moving Average (SMA) and bull market support band.

#Bitcoin still between the 50W SMA and bull market support band pic.twitter.com/gcmMKCUOBQ

— Benjamin Cowen (@intocryptoverse) December 10, 2021

Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, continued to fall early Friday amid news that Chinese property developer China Evergrande Group EGRNY officially defaulted on its dollar debt. A strong U.S. dollar also weighed on the cryptocurrency.

Bitcoin is down 30.0% from its all-time high of $68,789.63 touched in November.

Price Action: Bitcoin is down 2.8% during the past 24 hours, trading at $48,163.43 at press time.

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