As Bitcoin (CRYPTO: BTC) extended its losses on Monday evening along with other major cryptocurrencies, here’s what five analysts are saying.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said on Twitter that Bitcoin is looking for potential bullish divergence after facing resistance at the $49,200 level.
Van de Poppe added that while people anticipate a potential crash to happen after the U.S. Federal Reserve’s monetary policy meeting this week, he believes it has already been priced in and the market could reverse soon.
Justin Bennett, a cryptocurrency analyst and trader, noted that Bitcoin is still holding the April trend line at $46,000, but not much of a bounce was seen from the level.
See Also: How To Buy Bitcoin (BTC)
Pentoshi, another closely-followed pseudonymous cryptocurrency trader with over 413,000 Twitter followers, said he feels Bitcoin has a great chance of outperforming most other cryptocurrencies, regardless of whether the market goes up or down.
Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he feels Bitcoin is going to rise to the $55,000 to $60,000 range before it touches any new lows.
Cryptocurrency analyst Benjamin Cowen noted that Bitcoin is now well below the bull market and its bull market support band is in the range of $52,000 to $53,0000. He added that until Bitcoin regains that level, the cryptocurrency’s holders are just “playing in the sandbox.”
Why It Matters: Bitcoin, the world’s largest cryptocurrency by market capitalization, continued to trend lower as investors look ahead to the U.S. Federal Reserve’s monetary policy announcement on Wednesday.
The apex cryptocurrency is down 31.6% from its all-time high of $68,789.63 touched in early November.
Price Action: Bitcoin is down 3.7% during the past 24 hours, trading at $47,189.04 at press time.
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