As Bitcoin (CRYPTO: BTC) continued to slide on Friday, hers’s what five analysts are saying about the largest cryptocurrency by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he believes Bitcoin is nearing a bottom and this will be followed by another big cycle next year.
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Bottoms take time.
— Michaël van de Poppe (@CryptoMichNL) December 9, 2021
Unfortunately, they do.
And we're getting close to it with #Bitcoin.
After that, we'll get another big cycle in 2022.
All good.
Kaleo, a pseudonymous technical analyst who has more than 455,000 followers on Twitter, retweeted his earlier post that says he still expects “one more flush” for Bitcoin to around the $48,500 level, followed by a rebound.
WAS ABSOLUTELY BLINDSIDED WHEN I WOKE UP AND SAW THE DIP THIS MORNING WHY DO BAD THINGS HAPPEN TO GOOD PEOPLE https://t.co/5iH1LvhSiV
— K A L E O (@CryptoKaleo) December 9, 2021
See also: How To Buy Bitcoin (BTC)
Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he expects Bitcoin to remain range-bound over the next few weeks, even as he remains bullish on the cryptocurrency.
I expect $BTC to range the next few weeks to be honest. I am going to just dollar cost average into this range with a stop loss below the lows (on high time frame charts). Let's form a higher low and go up https://t.co/WOPATqd5rt
— Altcoin Sherpa (@AltcoinSherpa) December 9, 2021
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Justin Bennett, a cryptocurrency analyst and trader, noted that 2021 has been a year of consolidation for Bitcoin and the cryptocurrency continues to consolidate.
People see a 38% drop from $BTC and panic.
— Justin Bennett (@JustinBennettFX) December 9, 2021
Those same people call for a bear market at every broken support.
The fact is that 2021 has been a year of consolidation for #Bitcoin.
What we're seeing now is just more of the same. pic.twitter.com/1KSM0LBx3R
Cryptocurrency analyst Benjamin Cowen noted that Bitcoin is still trading between the Simple Moving Average (SMA) and bull market support band.
#Bitcoin still between the 50W SMA and bull market support band pic.twitter.com/gcmMKCUOBQ
— Benjamin Cowen (@intocryptoverse) December 10, 2021
Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, continued to fall early Friday amid news that Chinese property developer China Evergrande Group (OTC:EGRNY) officially defaulted on its dollar debt. A strong U.S. dollar also weighed on the cryptocurrency.
Bitcoin is down 30.0% from its all-time high of $68,789.63 touched in November.
Price Action: Bitcoin is down 2.8% during the past 24 hours, trading at $48,163.43 at press time.