Will Bitcoin Confirm a Bullish Breakout? Will Ethereum Reach an Uptrend? what the experts say
Trading lower Wednesday night after minutes of the Federal Reserve’s January meeting showed they were ready to raise interest rates, four expert analysts and traders shared their views on the two largest cryptocurrency markets by market capitalization.
Crypto analyst Justin Bennett noted that Bitcoin would need a daily close of $46,000 to confirm a bullish breakout and move towards the $50,000 area. He claimed that the leading cryptocurrency’s annual opening price of $46,200 will play a “key role.”
Ethereum is attempting to break out of a descending channel extending from the November high, and it could head higher if it closes above $3,120, Bennett said.
As he commented, if the U.S. dollar index (DXY) breaks below 95.13 and then a low of 94.60, this would put the cryptocurrency sharply higher in the coming weeks.
Crypto analyst Benjamin Cowen said on his YouTube channel that Ethereum breaking out of its bullish support zone in the $3,400 to $3,700 range and holding it there could mean “something is coming.” Bullish for the cryptocurrency.
He also noted that Ethereum is now approaching its 20-week simple moving average at $3,700 and its 21-week exponential moving average at $3,366.
The pseudonymous cryptocurrency analyst Altcoin Sherpa noted that while he still thinks Bitcoin will revisit lows near $35,000, he would change his mind if the cryptocurrency sets higher lows.
Meanwhile, another anonymous analyst, Credible Crypto, commented that as long as Bitcoin remains in the $42,000 region, the long-term volatility structure suggests that the cryptocurrency may be starting to move higher.
Bitcoin is down 0.6% over the past 24 hours, trading at $43,791.72 at the last check. Ethereum fell 1.9% to $3,094.83 during the period.