As Bitcoin and Ethereum Rebound Ahead Of FOMC Decision, Here's What 4 Analysts Are Saying

As Bitcoin BTC/USD and Ethereum ETH/USD rebounded on Tuesday evening ahead of the Federal Reserve’s monetary policy announcement on Wednesday, here’s what four analysts are saying about the two largest cryptocurrencies by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he believes Bitcoin hit a bottom on Dec. 4 and the bull market is not over. He added that the impact of new measures such as tapering by the Federal Reserve has already been priced in.

Regarding Ethereum, Van de Poppe said the cryptocurrency is “doing just fine” and he feels it is ready for a retest of its previous breakout level before it continues moving.

Cryptocurrency analyst Benjamin Cowen said that Bitcoin is "stretching its legs," while he believes 2022 will be another good year for Ethereum.

See Also: How To Buy Bitcoin (BTC)

Pentoshi, a closely-followed pseudonymous cryptocurrency trader with over 415,000 Twitter followers, retweeted his earlier post, noting that he has started buying back Bitcoin after having sold the cryptocurrency last month.

Justin Bennett, a cryptocurrency analyst and trader, said that Bitcoin may have bottomed, but it needs to return to the $53,000 level to turn constructive again.

He cautioned investors to be careful as the Federal Reserve’s monetary policy decision could trigger a lot of volatility.

Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, rebounded along with other major cryptocurrencies on Tuesday.

With inflation remaining at an elevated rate, the Federal Reserve is widely expected to accelerate its timetable for reducing bond purchases. Many investors expect the Fed to begin raising interest rates shortly after bringing its asset purchase program to a halt.

Price Action: Bitcoin is up 2.5% during the past 24 hours, trading at $48,558.44 at press time. Ethereum is up 2.0% during the 24-hour period to $3,882.86.

Read Next: Why Cathie Wood Thinks Ethereum Is More Undervalued Than Bitcoin