June 3, 2023

Will Bitcoin Retest The $42K Level From Here Or Move Higher? Here’s What 4 Experts Are Saying – Bitcoin – United States Dollar ($BTC), Ethereum – United States Dollar ($ETH)

As Bitcoin (CRYPTO: BTC) consolidated below the $47,000 level on Monday evening, here’s what four analysts and expert traders are saying about the largest cryptocurrency by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over 547,000 followers on Twitter that Bitcoin could accelerate if it broke through the $48,000 level.

He added that while Ethereum (CRYPTO: ETH) looked “a bit better” than Bitcoin, its crucial support level is between $3,400 and $3,600.

Justin Bennett, who has over 96,000 followers on Twitter, noted that Bitcoin has been trading sideways and reiterated he will buy the cryptocurrency between the $40,000 and $42,000 levels.

Bennett also said on his YouTube channel that Bitcoin could move lower, get one final capitulation before it finds a bottom, and then move higher potentially back toward the $53,000 level.  

He believes Bitcoin can avoid a retest of the $40,000 to $42,000 level if it can move back above the $53,000 range on a daily closing basis.

See Also: How To Buy Bitcoin (BTC)

Cryptocurrency analyst Benjamin Cowen compared Bitcoin to 10-year Treasury yields on his YouTube channel and noted that there was a “fairly tight” positive correlation between the two. He added it would be interesting to see if Bitcoin will follow the treasury yields or the yields end up following Bitcoin.

Altcoin Sherpa, a pseudonymous cryptocurrency analyst who has over 162,000 followers on Twitter, said he is still targeting Bitcoin in the lower $40,000 range.

Price Action: Bitcoin is down 1.7% during the past 24 hours, trading at $46,215.81 at press time, while Ethereum is down 1.7% during the period to $3,745.55.

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