As Bitcoin BTC/USD and Ethereum ETH/USD traded higher as of Monday evening, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.
What Happened: Cryptocurrency analyst Justin Bennett noted on his YouTube channel that while Bitcoin has finally broken out of the $42,000 area, it needs to see a daily close above the $42,500 level to confirm a breakout.
He added that the next key area for Bitcoin will be the range from around $44,500 to about $46,000.
Cryptocurrency analyst Benjamin Cowen said he felt Bitcoin lengthening cycles wanted to prevail.
Cowen also said there was a "good possibility" Ethereum could break out of its long re-accumulation zone in the $2,000 to $4,000 range, if the market cycle for Bitcoin lengthened over the next 12 to 18 months and it got some “blow-off top” later on.
See Also: How To Buy Bitcoin (BTC)
Meanwhile, pseudonymous cryptocurrency analyst Altcoin Sherpa said Bitcoin might see a lower high around the $47,000 to $52,000 range and could still revisit the $33,000 to $35,000 level.
Another pseudonymous analyst Smart Contracter said he feels things are looking good again, noting that Bitcoin’s similar close above the 50-day moving average back in July sparked an almost 100% rally.
Price Action: Bitcoin is up 3.4% during the past 24 hours, trading at $44,078.47 at press time. Ethereum is up 1.2% during the period to $3,113.70.
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