Has Bitcoin Bottomed Or Will It Continue The Downtrend? Here’s What 4 Analysts And Traders Are Saying | Benzinga



As Bitcoin (CRYPTO: BTC) rebounded on Monday evening, here’s what four analysts and widely-followed traders are saying about the largest cryptocurrency by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his 535,000 followers on Twitter that Bitcoin and Ethereum (CRYPTO: ETH) have bounced well on Monday evening after the Turkish Lira rebounded.

He believes the cryptocurrency market will touch the bottom during December or early January, with altcoins rebounding in the first quarter of 2022. He projects that Bitcoin will continue the bull run in the second quarter.

Justin Bennett, a cryptocurrency analyst and trader, said on his YouTube channel that he feels Bitcoin could fall to the $42,000 level and potentially toward the $40,000 level before finding a bottom.

He noted that Bitcoin has a tendency to fill in liquidation wicks and move below them before rebounding.

Cryptocurrency analyst Benjamin Cowen said that if Bitcoin could rebound to the $49,500 level, its last local top, then the cryptocurrency could be assumed to have temporarily broken its downtrend.

He assumes Bitcoin is filling the wick and he will buy more of the cryptocurrency.

Pseudonymous cryptocurrency analyst Altcoin Sherpa believes that Bitcoin could possibly rise to the $55,000 range first and then fall to new lows.

Price Action: Bitcoin is up 5.1% during the last 24 hours, trading at $48,633.20 at press time.

Read Next: Is Bitcoin Dead and Ethereum Outdated? Here’s What Cathie Wood’s Ark Invest Says





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