Is Bitcoin Emulating The 'Summer Lull' Or Will The Bulls Show Up? 4 Experts Weigh In
While Bitcoin (CRYPTO: BTC) was in the $38,000 range Thursday evening, four analysts and expert traders shared their thoughts on Twitter Inc (NYSE: TWTR) about the largest cryptocurrency by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe projects “another sweep of the lows” for Bitcoin around the $30,000 to $33,000 range and a bullish divergence after that.
Overall, most likely case is another sweep of the lows for #Bitcoin around $30-33K and after that we create a bullish divergence and the fun continues.
— Michaël van de Poppe (@CryptoMichNL) February 3, 2022
Noting the fall in the U.S. dollar index after the European Central Bank (ECB) announced it is not hiking interest rates, Van de Poppe said the index showing more weakness would be a good signal for Bitcoin and other risk-on assets in the longer term.
$DXY dropping even more as ECB announced that they won't be hiking the interest rates.
Long term -> would be a good signal for #Bitcoin and risk-on assets if the $DXY is showing more weakness.
— Michaël van de Poppe (@CryptoMichNL) February 3, 2022
Cryptocurrency analyst Justin Bennett also struck a similar tone, saying a weaker U.S. dollar Index likely meant a stronger Bitcoin. He noted the U.S. dollar index closing this week below last week’s open of $95.63 implied a “weekly bearish engulfing.”
Now that you know why the $DXY matters for #crypto, here's the latest...
If the DXY closes this week below last week's open at 95.63, we have a weekly bearish engulfing.
The last time this occurred at a multi-year swing high was March 2020, when $BTC started its 1,500% rally. https://t.co/36Jy6Zug5c pic.twitter.com/rDobpvGCSz
— Justin Bennett (@JustinBennettFX) February 3, 2022
See Also: How To Buy Bitcoin (BTC)
Cryptocurrency analyst Benjamin Cowen said he is waiting for the Bitcoin correction to end.
Waiting for the #Bitcoin correction to end pic.twitter.com/IJqpKhC4Xp
— Benjamin Cowen (@intocryptoverse) February 3, 2022
Cowen noted on his YouTube channel that if Bitcoin’s correction played out the same way as the earlier one last summer, it would mean investors are looking at a “fairly uneventful market” for at least another couple of weeks
He said investors should remain cautious as Bitcoin’s bottom could be $33,000 or less.
Meanwhile, pseudonymous cryptocurrency analyst Altcoin Sherpa reiterated Bitcoin could probably revisit the $33,000 range even if it is the bottom.
$BTC: This is fine from an overall higher time frame point of view; you want price to come back to the demand area and you want to see wicks there. I said before that even if 33k is the bottom, we will probably get a revisit to that area. Still being patient. #Bitcoin pic.twitter.com/b2uveKUYRD
— Altcoin Sherpa (@AltcoinSherpa) February 3, 2022
Price Action: Bitcoin is up 11.02% during the past 24 hours, trading at $40,592.70 Friday afternoon at publication. Ethereum is up 13.54% during the period to $2,957.40.
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Posted-In: Altcoin Sherpa Benjamin Cowen European Central Bank Justin Bennett Michaël van de PoppeNews Best of Benzinga
