As Bitcoin BTC/USD and Ethereum ETH/USD struggle to regain upward momentum as of Sunday evening, four analysts and expert traders shared their thoughts on the world’s two largest cryptocurrencies by market capitalization.
What Happened: Cryptocurrency analyst Benjamin Cowen, while providing a weekly update on the Bitcoin bull market support band on his YouTube channel, noted that Bitcoin would have to rally more than $8,000 to get back to the 21-week EMA (Exponential Moving Average) of $49,600.
He added that Bitcoin was about 20% below the bull market support band and the market is in a short-term bearish phase.
“I’m looking for a potential bounce soon and if we get that bounce, the line in the sand to watch is the bull market support band that ranges from the $49,600 to $52,400 levels,” Cowen added.
See Also: How To Buy Bitcoin (BTC)
Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his 550,000 Twitter followers that despite Bitcoin’s Relative Strength Index (RSI) being at its lowest point in two years, people still want to short the apex cryptocurrency.
The #Bitcoin RSI is on the lowest point in 2 years on the daily.
— Michaël van de Poppe (@CryptoMichNL) January 9, 2022
March 2020 & May 2021 were the last ones.
And people flip bearish here / want to short.
He added it will provide more fuel for a heavier move upwards for Bitcoin, which he believes is quite close to a potential reversal to the $40,000 to $41,000 range.
Altcoin Sherpa, a pseudonymous cryptocurrency analyst who has over 163,000 followers on Twitter, said he still expects Bitcoin to find a short-term bottom around the $38,000 level.
$BTC: Here is another video on where the bottom could be; still hoping for around 38k or something. Let me know what you guys think!#Bitcoinhttps://t.co/qz0kauJv1i
— Altcoin Sherpa (@AltcoinSherpa) January 9, 2022
He added that the long liquidations are also fuel for a move upwards and believes that after finding a bottom, Bitcoin will move higher to the around $55,000 to $60,000 range.
Cryptocurrency analyst Justin Bennett highlighted on Twitter that Ethereum’s daily RSI is at its lowest since March 2020 and he does not rule out the cryptocurrency’s move to the $2,800 to $2,900 range.
I got triggered on my first $ETH buy order (spot) today.
— Justin Bennett (@JustinBennettFX) January 8, 2022
But I'm not ruling out a move to $2,800-$2,900, as I discussed on Friday. Video below.#Ethereumhttps://t.co/x2VzUoe4F2
Price Action: Bitcoin is up 0.2% during the past 24 hours, trading at $42,012.08 at press time, while Ethereum is up 1.1% to $3,163.48.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
