As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) reversed a "relief rally" and resumed their downtrend late Thursday, here’s what five analysts are saying about the two major cryptocurrencies.
What happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe noted that Ethereum is carrying the entire market.
#Ethereum carries the entire market.— Michaël van de Poppe (@CryptoMichNL) December 16, 2021
He also believes that Bitcoin is showing a similar pattern as it did during the correction in September, but the cryptocurrency’s price could move higher if it cracks crucial resistance.
Pretty much copy/paste of the September bottoming here.Given the low impact of the FED meeting on prices, I assume that we'll see price accelerate too if it cracks crucial resistances. pic.twitter.com/XRJQxt2qFo
— Michaël van de Poppe (@CryptoMichNL) December 16, 2021
Justin Bennett; a cryptocurrency analyst and trader who has more than 94,000 followers on Twitter (NYSE:TWTR), said that Bitcoin has to reclaim the $53,000 level on a daily closing basis to turn bullish again.
He added that Bitcoin has a history of "filling long lower wicks" and he does not expect it to be different this time.
$BTC has a history of filling long lower wicks.I have no reason to believe this time will be different.#Bitcoin pic.twitter.com/My4Wb39L5i
— Justin Bennett (@JustinBennettFX) December 16, 2021
Cryptocurrency analyst Benjamin Cowen told his over 483,000 Twitter followers that Ethereum still looks strong
$ETH still looks strong af— Benjamin Cowen (@intocryptoverse) December 16, 2021
Altcoin Sherpa, a pseudonymous cryptocurrency analyst, said he is still bullish on Bitcoin and believes the overall price action is normal even if the apex cryptocurrency's price falls to the $43,000 to $44,000 range. However, he expects more "ranging and chopping."
$BTC : This overall price action is normal. Expecting more ranging and chopping. If it goes down to 43-44k, this is also normal! Still bullish on #Bitcoin for now https://t.co/hWtXdqtZsV— Altcoin Sherpa (@AltcoinSherpa) December 16, 2021
Pseudonymous analyst Smart Contracter told his over 197,000 followers on Twitter that Ethereum could rebound following the massive buybacks across the board. However, he was not sure if it was a counter-trend bounce or one that will enable the cryptocurrency to hit new highs.
some monster buy backs today across the board, looking like we might finally get that decent bounce that we've been waiting for, now whether its a counter trend bounce or one that takes us to new highs is still TBD pic.twitter.com/regBbR0WK5— Bluntz (@SmartContracter) December 15, 2021
Why It Matters: Bitcoin and Ethereum fell along with other major cryptocurrencies on Thursday evening as investors monitored the hawkish posture adopted by central banks.
The Bank of England unexpectedly hiked interest rates on Thursday, and the European Central Bank also announced plans to reduce bond purchases.
Price Action: Bitcoin is down 3.7% during the past 24 hours, trading at 46,973.25 at press time. Ethereum is down 4.2% during the 24-hour period to $3,868.74.