Is Bitcoin facing an extended flat correction? Here’s what the experts say – Bitcoin – US Dollar ($BTC)


Like Bitcoin (CRYPTO:BTC) consolidated in the $35,000 range on Sunday evening ahead of the US Federal Reserve’s monetary policy meeting later this week, three expert analysts and traders shared their thoughts on the largest cryptocurrency by market capitalization .

What happened: Cryptocurrency analyst Benjamin Cowen feels this sentiment in the cryptocurrency market has been destroyed over the past few weeks. He added that it could be a “green week” for Bitcoin and other cryptocurrencies if the stock market opens 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 cryptocurrency at the top has already hit a new all-time high, it could be an extended or running flat correction. .

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

See also: How to buy Bitcoin (BTC)

Popular cryptocurrency analyst and trader based in Amsterdam Michael van de Poppe told his 564,000 Twitter followers he also expects high volatility in the cryptocurrency markets this week.

He said the $33,000-$34,500 range as well as the $41,000 range for Bitcoin CME futures spreads should be watched.

“Based on the price action we are seeing right now, CME Futures closed at $36,700, so most likely Bitcoin price will retrace towards the CME Bitcoin Futures close price, which was Friday. ,” Van de Poppe said.

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

Cryptocurrency analyst Justin Bennett said that although Bitcoin is experiencing a bullish divergence from the Relative Strength Index (RSI), the market looks relatively weak overall as it reacts to the US Federal Reserve’s monetary policy meeting to be held this week.

price action: Bitcoin is up 0.2% in the past 24 hours, trading at $35,305.70 at press time.

Read next: Bitcoin, Ethereum, Dogecoin are regaining some composure – Why this analyst thinks this crash is not like the ones before it


Comments are closed.