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Has Bitcoin Chosen The 'Dangerous Path' And Will Ethereum Turn The Tide? Here's What The Experts Are Saying

Benzinga logo Benzinga 2/3/2022 Madhukumar Warrier
© Provided by Benzinga

As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded notably lower as of Wednesday evening, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.

What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said that Bitcoin could move towards the lower bound of the region around $34,000 to $35,000 if it loses the $37,000 level.

He believes that if the U.S. dollar index moves towards a downward trend in the coming weeks, it could be a huge accelerator for Bitcoin’s upwards momentum.

Cryptocurrency analyst Justin Bennett said he was not surprised to see Bitcoin’s weakness on Wednesday due to the lack of volume in the relief rally. He feels that the apex cryptocurrency is likely to move higher from the range of $35,000 to $36,000.

See Also: How To Buy Bitcoin (BTC)

Meanwhile, pseudonymous cryptocurrency analyst Kaleo advised investors to be careful as Bitcoin has chosen the “dangerous path.”

He had said earlier that the Bitcoin remained in a dangerous level until it reclaimed the intraday high on Tuesday of about $39,300.

Cryptocurrency analyst Benjamin Cowen provided an update on the Ethereum Heikin-Ashi candles on his YouTube channel.

He said investors should remain cautious as there were 12 red Heikin-Ashi candles in a row for Ethereum now.

However, he was somewhat optimistic about Ethereum trying to “turn the tide” now as a bit of an overshadow on the current five-day candle showed that the “bulls are trying to put a fight.”

Price Action: Bitcoin is down 3.9% during the past 24 hours, trading at $36,964.96 at press time. Ethereum is down 4.0% during the period to $2,650.61.

Read Next: Reddit Co-Founder Raises $500M For Crypto Startups

Photo: Jose Rodrigo Safdiye/Benzinga

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