Five popular cryptocurrency analysts see Bitcoin consolidating after the apex cryptocurrency regained the $50,000 level earlier this week.
What Happened: Justin Bennett, a cryptocurrency analyst and trader with over 93,000 Twitter followers, noted that Bitcoin is consolidating “as expected.”
Issue 127 of the Cryptocademy newsletter is out! #Bitcoin is consolidating as expected, so today, we'll discuss an outlook for the next few weeks as well as the next few days.Plus, updates on $DXY, $ETH, $VET, and $kitty.https://t.co/zVQRRAuEZw
— Cryptocademy (@CryptocademyHQ) December 8, 2021
Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said that after being rejected at $51,600, Bitcoin must hold above the range of $49,300 to $49,700 if it wants to see upward momentum.
#Bitcoin following scenario here.Rejected at $51.6K.
If it wants upwards momentum, it needs to hold above $49.3-49.7K, then we might see $53.5K, otherwise retest at $46K seems likely.
Will take time. pic.twitter.com/Clgi6HIatZ
— Michaël van de Poppe (@CryptoMichNL) December 7, 2021
The Crypto Dog, a Twitter-popular cryptocurrency analyst, told his over 703,000 followers on the microblogging site that conditions are “not bad” for Bitcoin.
Spot is leading by a comfortable $100, funding is still negative/neutral.$BTC conditions are not bad— The Crypto Dog (@TheCryptoDog) December 7, 2021
Pentoshi, another closely-followed pseudonymous cryptocurrency trader with over 388,000 Twitter (NYSE:TWTR) followers, retweeted his earlier post that notes Bitcoin could trend lower for the next three weeks.
He added that there will be more clarity in the stock markets following the release of the Consumer price Index (CPI) data on Dec. 10 and the Federal Reserve meeting on Dec. 15.
Markets are forward looking. Date is 10TH dec for CPI. 15th for FOMC. Will have a lot more clarity in markets then regardlesshttps://t.co/1BKRZ16PYU— Pentoshi (@Pentosh1) December 8, 2021
Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he is planning to buy more Bitcoin in the next few days.
Scale in, scale out. Ofc if you're a trader, it's a different story. I'm planning on buying a bit more #Bitcoin in the coming days; I expect more choppy price action.— Altcoin Sherpa (@AltcoinSherpa) December 6, 2021
Why It Matters: Bitcoin regained momentum this week after a “bloody Saturday” for the apex cryptocurrency and altcoins amid fears surrounding a hike in interest rates and the Omicron variant of the COVID-19 virus. However, Bitcoin has not been able to build on the relief rally after it touched the $51,000 level.
Bitcoin is the world’s largest cryptocurrency by market capitalization and its year-to-date gains are 72.05%. However, the cryptocurrency is down 26.5% from its all-time high of $68,789.63 touched in November.
Price Action: Bitcoin is down 1% during the past 24 hours, trading at $50,539.76 at press time.