As Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and other major cryptocurrencies traded higher on Monday 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 noted that Bitcoin’s reversal has not been confirmed and it is still beneath the previous support level of $41,500.
Good move of #Bitcoin today, reversal not confirmed at all.
— Michaël van de Poppe (@CryptoMichNL) January 31, 2022
It's still fighting resistance and it's still beneath the previous support at $41.5K.
Good ROI to make on some short trades though, that's definitely the case.
Cryptocurrency analyst Justin Bennett said it would be interesting how Bitcoin’s relative strength index (RSI) correlates with the $40,000 resistance area in the next few days.
$BTC RSI respecting the trend line mentioned last week.
— Justin Bennett (@JustinBennettFX) January 31, 2022
It'll be interesting to see how this correlates with the $40,000 resistance area in the coming days.#Bitcoin pic.twitter.com/OyiBVZToIa
See Also: How To Buy Bitcoin (BTC)
Cryptocurrency analyst Benjamin Cowen said he is patiently waiting for Bitcoin to break the $39,000 range.
patiently waiting for #Bitcoin to break $39k
— Benjamin Cowen (@intocryptoverse) January 31, 2022
Regarding Ethereum, Bennett noted that the cryptocurrency’s price has continued its downtrend and its “long sideways consolidation” in the range of $2,000 to $4,000 was not abnormal at all.
“I don’t think we are headed for a year-long crypto winter. I think we are in a bear market and lengthening cycles will prevail for Bitcoin and Ethereum,” Cowen said.
Pseudonymous cryptocurrency analyst Altcoin Sherpa said that Bitcoin’s consolidation in the $30,000 to $40000 range should provide strong support and he is extremely confident the apex cryptocurrency will see the high $40,000 and lower $50,000 levels in the next six-to-eight weeks.
$BTC: 1D- Consolidation between 30-40k is still a HVN on volume profile; this entire area should provide solid support IMO. Eventually, I have extremely high confidence we see high 40ks-low 50ks in the next 6-8 weeks; tbd if it will be just another lower high or something else. pic.twitter.com/aKvUC6NSnW
— Altcoin Sherpa (@AltcoinSherpa) January 31, 2022
Price Action: Bitcoin is up 3.4% during the past 24 hours, trading at $38,435.27 at press time. Ethereum is up 8.6% during the period to $2,738.83.
Photo: Jose Rodrigo Safdiye/Benzinga
