As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) recovered after falling below psychologically important levels of $40,000 and $3,000 respectively in intraday trading on Monday, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.
What Happened: Cryptocurrency analyst Justin Bennett believes that Bitcoin is strengthening and may be about to outperform Ethereum since the Bitcoin dominance chart is moving away from support.
This terminal pattern should make things interesting later this year. pic.twitter.com/7rcQLOKGJu
— Justin Bennett (@JustinBennettFX) January 10, 2022
Bennet noted on his YouTube channel that Bitcoin is looking for a bottom and typically tends to move about 4% to 8% below its liquidation low before rebounding.
“So today’s low is about 5.7% below $42,000, so its right in that sweet spot and so right now we’re looking for a bottom,” Bennett said.
Bennett also said that Ethereum could move down to the $2,800 to the $2,900 level before it rebounds, while the alternative would be the cryptocurrency closing above the $3,170 level.
Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his more than 555,000 Twitter followers that the total cryptocurrency market capitalization is in support right now.
Van de Poppe noted that Bitcoin’s dip into the $40,000 region will only create more fear. However, he believes Bitcoin could move higher to $42,600 and potentially rise to the $46,000 range if it held the $40,600 level.
— Michaël van de Poppe (@CryptoMichNL) January 10, 2022
See Also: How To Buy Bitcoin (BTC)
Kaleo, a pseudonymous technical analyst, told his more than 460,000 followers on Twitter that Bitcoin was flirting with the $42,199 level without reclaiming it, but it could easily move higher if that happened.
Watching the line carefully to see if it holds. BTC flirting w/ reclaiming it. Could easily see a squeeze higher if it happens. Rejection = more pain. pic.twitter.com/21qsq4WB5Y
— K A L E O (@CryptoKaleo) January 11, 2022
Pseudonymous cryptocurrency analyst Altcoin Sherpa said on his YouTube channel that he is looking for Bitcoin to touch bottom around the $37,500 to $38,000 level. He added he is still high time frame (HTF) bullish for now.
Price Action: Bitcoin is up 0.5% during the past 24 hours, trading at $42,206.69 at press time, while Ethereum is down 1.5% to $3,115.33.
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