As Bitcoin (CRYPTO: BTC) consolidated in the $38,000 range as of Tuesday evening and Ethereum (CRYPTO: ETH) moved higher, 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 he remained cautious on Bitcoin, which showed “some strength” on Tuesday only because the U.S. Dollar Index “remained calm.”
The only reason that #Bitcoin is showing some strength today is the fact that the $DXY remains calm.
— Michaël van de Poppe (@CryptoMichNL) February 1, 2022
The moment that one will show some strength again, I doubt we'll see another run of #Bitcoin happening.
Remaining cautious overall.
The analyst also said that Ethereum's move towards the resistance zone in the $2,700 to $3,000 level without actual volume was “a bit worrying.”
#Ethereum going towards these resistance zones without actual volume is a bit worrying. pic.twitter.com/IuF3x6mp7h
— Michaël van de Poppe (@CryptoMichNL) February 1, 2022
Cryptocurrency analyst Justin Bennett provided an update on Bitcoin’s relative strength index (RSI) on his YouTube channel.
Bitcoin’s downtrend remains intact and it needs to get above the $40,000 to $42,000 resistance area to confirm the breakout from RSI, according to Bennett.
He added that Bitcoin has to move above the $42,000 level on a daily closing basis to “really flip it back to support.”
See Also: How To Buy Bitcoin (BTC)
Pseudonymous cryptocurrency analyst Kaleo said that while he would love to see Bitcoin move higher to the $43,000 range on Wednesday, the cryptocurrency remains in a “dangerous level” until it reclaimed the intraday high on Tuesday of about $39,300.
Just to be fair - this is still a dangerous level until we reclaim today's highs from earlier @ 39.3
— K A L E O (@CryptoKaleo) February 1, 2022
a bit more info I shared earlier: pic.twitter.com/co8bX4jGkA
Cryptocurrency analyst Benjamin Cowen provided an update on the Bitcoin market cycle return on investment (ROI) on his YouTube channel.
#Bitcoin Market Cycle ROI from market cycle bottom pic.twitter.com/YNlPm5exUP
— Benjamin Cowen (@intocryptoverse) February 2, 2022
The analyst said that the sell-off in May last year has put Bitcoin’s current (fourth) cycle below the previous cycle in terms of ROI.
“We will need to see Bitcoin at the $90,000 range within a month for it to keep pace with the last market cycle,” Cowen noted.
Price Action: Bitcoin is down 0.3% during the past 24 hours, trading at $38,403.87 at press time. Ethereum is up 0.5% during the period to $2,758.59.
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