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As Bitcoin Continues to Slide, Here’s What 5 Analysts Are Saying Right Now

Cryptocurrency19 hours ago (Dec 10, 2021 12:40)

© Reuters. As Bitcoin Continues to Slide, Here’s What 5 Analysts Are Saying Right Now

As Bitcoin (CRYPTO: BTC) continued to slide on Friday, hers’s what five analysts are saying about the largest cryptocurrency by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said he believes Bitcoin is nearing a bottom and this will be followed by another big cycle next year.

Kaleo, a pseudonymous technical analyst who has more than 455,000 followers on Twitter, retweeted his earlier post that says he still expects “one more flush” for Bitcoin to around the $48,500 level, followed by a rebound.

Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he expects Bitcoin to remain range-bound over the next few weeks, even as he remains bullish on the cryptocurrency.

Justin Bennett, a cryptocurrency analyst and trader, noted that 2021 has been a year of consolidation for Bitcoin and the cryptocurrency continues to consolidate.

Cryptocurrency analyst Benjamin Cowen noted that Bitcoin is still trading between the Simple Moving Average (SMA) and bull market support band.

Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, continued to fall early Friday amid news that Chinese property developer China Evergrande Group (OTC: EGRNY) officially defaulted on its dollar debt. A strong U.S. dollar also weighed on the cryptocurrency.

Bitcoin is down 30.0% from its all-time high of $68,789.63 touched in November.

Price Action: Bitcoin is down 2.8% during the past 24 hours, trading at $48,163.43 at press time.

Read the original article on Benzinga

As Bitcoin Continues to Slide, Here’s What 5 Analysts Are Saying Right Now

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