As Bitcoin BTC/USD retreated below the $42,000 range Tuesday evening, four analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over 561,000 followers on Twitter that Bitcoin is still looking for support, while the higher timeframe levels are sustaining.
He believes that while the area around the $41,300 level is important for Bitcoin, the cryptocurrency will likely see some retests on the lower regions before rebounding.
Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin has been in a systematic, local downtrend in the last two months.
He believes investors should look for either a rounded bottom or a “massive capitulation wick” that will tend to kickstart the next sustained uptrend for the cryptocurrency.
See Also: How To Buy Bitcoin (BTC)
Pseudonymous cryptocurrency analyst Altcoin Sherpa told his over 165,000 followers on Twitter that he is still waiting for a “big liquidation candle,” followed by a slow grind down for Bitcoin.
“The key to looking for a bottom is some sort of like one final shakeout before another grind down and then recovery,” the analyst said on his YouTube channel, adding that he is hoping for the $37,000 range to be the bottom for Bitcoin.
Cryptocurrency analyst Justin Bennett said he still expects Bitcoin to rebound 20% to 30% from the $40,000 region in the coming weeks.
Price Action: Bitcoin is down 1.8% during the past 24 hours, trading at $41,310.66 at press time.
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