As Bitcoin (CRYPTO: BTC) traded muted after briefly touching the $50,000 level earlier on Sunday, here’s what five analysts are saying.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said on Twitter that while longer accumulation could continue on Bitcoin, he also believes the apex cryptocurrency has “bottomed out,” based on multiple indicators.
— Michaël van de Poppe (@CryptoMichNL) December 12, 2021
Kaleo, a pseudonymous technical analyst who has more than 457,000 followers on Twitter, noted that Bitcoin touching the 51,000 level is good for the cryptocurrency “so far.”
So far, so good. pic.twitter.com/bvTBdZwQPJ
— K A L E O (@CryptoKaleo) December 12, 2021
See Also: How To Buy Bitcoin (BTC)
Pentoshi, another closely-followed pseudonymous cryptocurrency trader with over 408,000 Twitter followers, noted that Bitcoin is facing a “ton of resistance” as it attempts to reclaim the $52,000 to $53000 level. He believes investors should stay short until the cryptocurrency regains the $53,000 level.
So what now? BTC needs to reclaim 52-53k. Currently the local lh. There is a ton of resistance there.
Trendline, market structure, 21 weekly MA, as well as 4hr and 1D MA's EMA's
By flipping bull there we reduce downside risk and are still able to compound off the 60k shorts pic.twitter.com/qOySRHIKuG
— Pentoshi (@Pentosh1) December 12, 2021
Altcoin Sherpa, another pseudonymous cryptocurrency analyst, noted that based on a poll conducted by him, people are still bullish on Bitcoin in the coming months. However, he believes Bitcoin has not yet touched the bottom and there could be plenty of volatility in the short term.
$BTC: I find it highly unlikely this is the bottom; I think that we still have lots of chop to go. Play the short term volatility that these moves bring for alts and get in/get out. Expecting more crab over the next few weeks. I'm bidding low 40ks and averaging in. #Bitcoin pic.twitter.com/RnVj9qRyXW
— Altcoin Sherpa (@AltcoinSherpa) December 11, 2021
Cryptocurrency analyst Benjamin Cowen noted that while Bitcoin is down 26% from its all-time high, it has gained over 1% in the past week, which he feels “is nice.”
— Benjamin Cowen (@intocryptoverse) December 13, 2021
Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, touched the $50,000 level on Sunday after the S&P 500 Index closed at an all-time high on Friday.
However, Bitcoin is down 29.0% from its all-time high of $68,789.63 touched in early November.
Price Action: Bitcoin is down 1.2% during the past 24 hours, trading at $48,769.93 at press time.