Has Bitcoin Confirmed Reversal And Is Ethereum In Sideways Consolidation? Here's What The Experts Are Saying

As Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptocurrencies traded higher on Monday evening, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin’s reversal has not been confirmed and it is still beneath the previous support level of $41,500.

Cryptocurrency analyst Justin Bennett said it would be interesting how Bitcoin’s relative strength index (RSI) correlates with the $40,000 resistance area in the next few days.

See Also: How To Buy Bitcoin (BTC)

Cryptocurrency analyst Benjamin Cowen said he is patiently waiting for Bitcoin to break the $39,000 range.

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Regarding Ethereum, Bennett noted that the cryptocurrency’s price has continued its downtrend and its “long sideways consolidation” in the range of $2,000 to $4,000 was not abnormal at all.

“I don’t think we are headed for a year-long crypto winter. I think we are in a bear market and lengthening cycles will prevail for Bitcoin and Ethereum,” Cowen said.

Pseudonymous cryptocurrency analyst Altcoin Sherpa said that Bitcoin’s consolidation in the $30,000 to $40000 range should provide strong support and he is extremely confident the apex cryptocurrency will see the high $40,000 and lower $50,000 levels in the next six-to-eight weeks.

Price Action: Bitcoin is up 3.4% during the past 24 hours, trading at $38,435.27 at press time. Ethereum is up 8.6% during the period to $2,738.83.

Photo: Jose Rodrigo Safdiye/Benzinga

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