As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) drifted lower Thursday evening and erased the prior day’s gains, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said on his YouTube channel that Bitcoin’s rejection at a crucial level of $44,300 has resulted in an even deeper correction. He added that the correction is part of Bitcoin’s accumulation.
This correction is part of the accumulation of #Bitcoin.
All still fine.
— Michaël van de Poppe (@CryptoMichNL) January 13, 2022
Van de Poppe feels Bitcoin is going to move sideways and during that range, the prices of the apex cryptocurrency and Ethereum will trade volatile. He feels that the sentiment is slipping towards negative due to the correction.
Cryptocurrency analyst Justin Bennett said on his YouTube channel that he does not rule out another run by Bitcoin at the $40,000 support region in the event its first bounce was a fakeout.
The analyst added he is still long on Bitcoin from just above the $40,000 level, with an initial target of $45,000. Beyond that, he targets the $53,000 region.
He added that Ethereum’s key resistance area is in the $3,600 level.
See Also: How To Buy Bitcoin (BTC)
Comparing Bitcoin to the tech-heavy Nasdaq Composite Index, cryptocurrency analyst Benjamin Cowen said on his YouTube channel that he fees that Bitcoin seems to be dependent on movements in the stock markets.
“When you see the Nasdaq going down, when you see the S&P going down, you also generally see Bitcoin going down,” Cowen said.
Altcoin Sherpa told his over 164,000 followers on Twitter that if Bitcoin has touched the bottom, he thinks investors will still get an opportunity to get lower than the current prices. He believes Bitcoin will again fall to a minimum level of $40,000.
$BTC: If this is the bottom, you will still get an opportunity to get lower than current prices IMO. I think we revisit 40k at a minimum. You’ll see that price takes a little bit of time to chop around when these bottoms form. Mostly staying patient. #Bitcoin pic.twitter.com/77vuvtSt1v
— Altcoin Sherpa (@AltcoinSherpa) January 12, 2022
Price Action: Bitcoin is down 3.0% during the past 24 hours, trading at $42,510.68 at press time, while Ethereum is down 2.9% to $3,256.34.