As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded notably lower as of Wednesday evening, 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 that Bitcoin could move towards the lower bound of the region around $34,000 to $35,000 if it loses the $37,000 level.
If #Bitcoin loses this level at $37Kish, I think it will start to drop fast towards the lower bound of the region around $34-35K. pic.twitter.com/nMSdQt2J0H
— Michaël van de Poppe (@CryptoMichNL) February 2, 2022
He believes that if the U.S. dollar index moves towards a downward trend in the coming weeks, it could be a huge accelerator for Bitcoin’s upwards momentum.
It's really dependent on the $DXY on what we're going to see on the #crypto markets.
— Michaël van de Poppe (@CryptoMichNL) February 2, 2022
If the $DXY is reversing in the coming weeks towards a downwards trend, that should be a huge accelerator for upwards momentum for #Bitcoin.
Cryptocurrency analyst Justin Bennett said he was not surprised to see Bitcoin’s weakness on Wednesday due to the lack of volume in the relief rally. He feels that the apex cryptocurrency is likely to move higher from the range of $35,000 to $36,000.
Every other comment on my YouTube channel is someone waiting/wishing for $30k $BTC.
— Justin Bennett (@JustinBennettFX) February 2, 2022
It would be the first time in a long time that retail gets exactly what they want.
I think a move higher from $35k-$36k is more likely.
See Also: How To Buy Bitcoin (BTC)
Meanwhile, pseudonymous cryptocurrency analyst Kaleo advised investors to be careful as Bitcoin has chosen the “dangerous path.”
He had said earlier that the Bitcoin remained in a dangerous level until it reclaimed the intraday high on Tuesday of about $39,300.
Bitcoin chose the dangerous path.
— K A L E O (@CryptoKaleo) February 2, 2022
Be careful. pic.twitter.com/VIKaFl45b1
Cryptocurrency analyst Benjamin Cowen provided an update on the Ethereum Heikin-Ashi candles on his YouTube channel.
He said investors should remain cautious as there were 12 red Heikin-Ashi candles in a row for Ethereum now.
However, he was somewhat optimistic about Ethereum trying to “turn the tide” now as a bit of an overshadow on the current five-day candle showed that the “bulls are trying to put a fight.”
Price Action: Bitcoin is down 3.9% during the past 24 hours, trading at $36,964.96 at press time. Ethereum is down 4.0% during the period to $2,650.61.
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Photo: Jose Rodrigo Safdiye/Benzinga
