Is Bitcoin Emulating The 'Summer Lull' Or Are There Signs Of A 'Different Path?' Here's What Experts Are Saying

As Bitcoin BTC/USD and other major cryptocurrencies fell Wednesday evening amid worries that the U.S. Federal Reserve could raise interest rates sooner than expected, here’s what four analysts and expert traders are saying about the apex cryptocurrency.

What Happened: Cryptocurrency analyst Benjamin Cowen said on his YouTube Channel that Bitcoin’s current correction is actually a tamer version of the one seen in May last year.

“If we want to continue to compare it to the potential summer lull, then we need to see a bounce and we need to bounce a few thousand dollars in short order, because if we don’t then we’re clearly going on a different path,” Cowen said.

I don’t think we’re going to have a parabolic Q1 or probably Q2 for that matter,” Cowen added.

The analyst feels that like last year, Bitcoin is continuing to test the levels between $30,000 and $60,000 in the beginning part of this year, but $40,000 would be a “pretty big” important level.

Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over 549,000 followers on Twitter that Bitcoin has lost support and could test the $42,000 range.

He noted that some of the altcoins have been testing all-time highs despite a correction for Bitcoin.

See Also: How To Buy Bitcoin (BTC)

Justin Bennett, who has over 96,000 followers on Twitter, noted that Bitcoin has a tendency to dip below liquidation wicks and he sees the $39,000 to $40,000 level as a potential local bottom for the apex cryptocurrency.

Kaleo, a pseudonymous technical analyst who has more than 465,000 followers on Twitter, said he will consider taking a long position in Bitcoin if it reclaims the $50,000 level and be bullish if the cryptocurrency moves quickly to the $58,000 range.

Price Action: Bitcoin is down 6.9% during the past 24 hours, trading at $43,169.00 at press time.

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