As Bitcoin (CRYPTO: BTC) traded higher along with other major cryptocurrencies as of Tuesday evening amid easing worries about Russia-Ukraine tensions, four analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.
What Happened: Pseudonymous analyst Credible Crypto said he believes Bitcoin could move towards the $45,000 to $47,000 after it broke above a key area.
Nice break over the red region overnight- I suspect we head back up to 45-47k from here. $BTC https://t.co/FCamfo7iQr pic.twitter.com/bHfbpIUxHt
— Credible Crypto (@CredibleCrypto) February 15, 2022
Cryptocurrency analyst Justin Bennett said Bitcoin has held up “incredibly well” since January 2021 when compared to the U.S. dollar index (DXY).
He noted that Bitcoin not carving lower highs or lows despite the strength of the DXY likely indicated a “macro shift” in both assets. However, he added that the DXY was starting to rotate lower from a key resistance area.
It tells me we're likely witnessing a macro shift in both assets.
— Justin Bennett (@JustinBennettFX) February 15, 2022
Remember, Bitcoin has never existed during a long-term USD downtrend.
Things are about to get interesting. pic.twitter.com/rUg2irXqon
See Also: How To Buy Bitcoin (BTC)
Cryptocurrency analyst Benjamin Cowen said that Bitcoin’s fair value based on logarithmic regression models is between $33,000 and $34,000. He noted that the apex cryptocurrency has not proved that the macro downtrend is over.
Bitcoin falling below the fair value typically indicated it was entering into the early stages of a new re-accumulation zone that could last upwards of one to two years, according to the analyst.
“As long as we stay above this band, then we are still theoretically in business without having to a go through a two-year re-accumulation phase,” Cowen said.
#Bitcoin: What Is The Fair Value?https://t.co/fxdXIV33sO
— Benjamin Cowen (@intocryptoverse) February 15, 2022
Amsterdam-based cryptocurrency analyst Michaël van de Poppe noted that Bitcoin — which needed to hold the $42,000 region in order to avoid a plunge towards the $37,000 area — saw a good bounce upwards.
#Bitcoin held the crucial level. It needed to hold $42K to avoid a heavy drop towards $37K. Good bounce upwards.
— Michaël van de Poppe (@CryptoMichNL) February 15, 2022
Fully discussed in the latest update on YouTube:https://t.co/4FDR6TaeH5 pic.twitter.com/8yVgwJ5r4B
Price Action: Bitcoin is up almost 1% during the past 24 hours, trading at $44,059.62 at press time.
