As Bitcoin Consolidates Below The $50K level, Here's What These 4 Analysts And Traders Are Saying

As Bitcoin BTC/USD continued to consolidate below the $50,000 level Wednesday evening, here’s what four analysts and expert traders are saying about the largest cryptocurrency by market capitalization.

The Crypto Dog, a Twitter-popular cryptocurrency analyst, told his 714,000 followers on the microblogging site that Bitcoin looks set to touch the mid-50,000 range next week.

Just eyeballing it $BTC looks set for mid 50s this time next week

— The Crypto Dog (@TheCryptoDog) December 23, 2021

He added that “froth and overvalued” altcoins can trend downwards to zero, while Bitcoin and stronger narrative altcoins move higher.

Froth and overvalued alts can continue to trend to 0 while BTC and stronger narrative alts trend higher.

There doesn't have to be a massive wipe out where everything dies for a whole year.

I'm not sure why that would happen.

— The Crypto Dog (@TheCryptoDog) December 17, 2021

Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over 537,000 followers on Twitter while Bitcoin was touted to touch the $150,000 mark, it is still only near the $50,000 range

They said we get parabolic run with #Bitcoin to $150K.

Instead we got #Bitcoin at $50K.

— Michaël van de Poppe (@CryptoMichNL) December 22, 2021

He added it was good to see altcoins following the movements of Bitcoin and feels that December is still good to look for holding long positions in altcoins.

Good to see that #altcoins are following #Bitcoin here.

December is still a good moment to look for longs on #altcoins.

— Michaël van de Poppe (@CryptoMichNL) December 22, 2021

See Also: How To Buy Bitcoin (BTC)

Justin Bennett, a cryptocurrency analyst and trader who has more than 95,000 followers on Twitter, said that the real test for Bitcoin buyers is in the $50,000 region, which is the cryptocurrency’s descending trend line from its all-time high.

He added that if Bitcoin can regain the $53,000 to $54,000 range on a daily closing basis, it could move to the $60,000 range and potentially higher.

Cryptocurrency analyst Benjamin Cowen said that Bitcoin still has a “lot of work to do,” as it remains 29% down from its all-time high.

#Bitcoin: Still a lot of work to do!https://t.co/4Cie1IM159

— Benjamin Cowen (@intocryptoverse) December 22, 2021

“It would be nice if we can close the year above $50,000,” he said on his YouTube channel, adding that he thinks Bitcoin touching the $100,000 level next year is a possibility, especially in line with the idea of lengthening cycles.

Price Action: Bitcoin is down 1.3% during the past 24 hours, trading at $48,439.73 at press time.

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