Is Bitcoin Facing An Expanded Flat Correction? Here's What Experts Are Saying

As Bitcoin BTC/USD consolidated in the $35,000 range as of Sunday evening ahead of the U.S. Federal Reserve's monetary policy meeting later this week, three analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.

What Happened: Cryptocurrency analyst Benjamin Cowen feels that sentiment in the cryptocurrency market has been destroyed in the last few weeks. He added it could be a “green week “for Bitcoin and other cryptocurrencies if the stock market opened higher.

Cowen noted on his YouTube channel that the worst-case scenario for Bitcoin is if it falls back to the 200-day simple moving average (SMA), which is around the $20,000 level.

The analyst added that while Bitcoin is not in a regular flat correction as the apex cryptocurrency has already put in a new all-time high, it could be in an expanded or running flat correction.

“If bitcoin is an expanded flat correction, it will break below $28,600 and maybe go down to $25,000 or something,” Cowen noted.

See Also: How To Buy Bitcoin (BTC)

Amsterdam-based popular cryptocurrency analyst and trader Michaël van de Poppe told his 564,000 followers on Twitter he is expecting heavy volatility in the cryptocurrency markets this week too.

He said that the $33,000 to $34,500 range as well as the $41,000 range for Bitcoin CME futures gaps needs to be watched.

“Based on the price action that we’re seeing currently, the CME Futures has closed at $36,700, so most likely the price of Bitcoin is going to come back towards the price of Bitcoin futures CME close, which was on Friday,” Van de Poppe said.

He added that after Bitcoin’s clear rejection at the $36,100 level again, he will be looking at that level to actually breakthrough if some serious momentum has to take place.

Cryptocurrency analyst Justin Bennett said that while Bitcoin is seeing bullish relative strength index (RSI) divergence, the market looks relatively weak overall as it reacts to the U.S. Federal Reserve’s monetary policy meeting to be held this week.

Price Action: Bitcoin is up 0.2% during the past 24 hours, trading at $35,305.70 at press time. 

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