As Bitcoin (CRYPTO: BTC) and other major cryptocurrencies traded lower on Sunday evening ahead of the Lunar New Year holidays in some Asian markets, four analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over 567,000 followers on Twitter that Bitcoin has not yet broken through resistance at $38,500.
He added that Bitcoin could test the $41,000 level if it moved above the $38,000 range. However, the cryptocurrency could fall to the $32,000 to $33,000 range if it dropped below the $36,000 range.
#Bitcoin didn't break through that resistance at $38.5K, yet.Yesterday fake move occurred, price was completely retraced again.
Waiting game for the actual action to take place. Above $38K = $41K test.
Dropping sub $36K and we'll see $32-33K.
In between -> Not interested.
— Michaël van de Poppe (@CryptoMichNL) January 30, 2022
Cryptocurrency analyst Justin Bennett noted on Twitter (NYSE:TWTR) that the “decent close” from the S&P 500 Index should enable Bitcoin to claw back some losses over the weekend.
Decent close from the S&P.Should allow $BTC to claw back some losses this weekend. We'll see. pic.twitter.com/bZgsL2WcxP
— Justin Bennett (@JustinBennettFX) January 28, 2022
Bennett also said on his YouTube channel that Bitcoin’s move towards the $40,000 to $42,000 range still seems likely over the next few days, since the apex cryptocurrency has formed an ascending channel off the $33,000 low recently.
“So, $40,000 to $42,000 is going to be the hinge for whether or not we see bitcoin break out towards $45,000 to $46,000, or if we see another rotation lower over the coming weeks,” Bennett said.
Cryptocurrency analyst Benjamin Cowen provided an update on the Bitcoin bear market resistance band on his YouTube channel.
In order to resume any sense of real bullishness and not just a relief rally, Cowen noted that Bitcoin should move back to the 21-week exponential moving average (EMA) which is now at $46,600. He added that the 20-week simple moving average (SMA) is currently at $50,700 or $50,800.
Altcoin Sherpa said he thinks Bitcoin has not yet touched a bottom and he is still eyeing the cryptocurrency touching the $28,000 level.
$BTC: I don't think the bottom + it's kind of shitty having to rely on macro conditions. I think that we're still waiting for that big wick with a strong close + volatility + wicks into the demand area. Notes on the chart for #Bitcoin; I am eyeing around 28k. pic.twitter.com/7flu8PLAnv— Altcoin Sherpa (@AltcoinSherpa) January 30, 2022
Price Action: Bitcoin is down 2.9% during the past 24 hours, trading at $37,010.11 at press time.