As Bitcoin (CRYPTO: BTC) recouped intraday losses and reclaimed the $36,000 range as of Monday evening, four analysts and expert traders shared their thoughts on the largest cryptocurrency by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his over 564,000 followers on Twitter that Bitcoin is ready for a test at $38,000 and possibly the $40,700 level after reclaiming the range.
Great move of #Bitcoin, ready for a test at $38K and possibly $40.7K after the reclaim of the range.
— Michaël van de Poppe (@CryptoMichNL) January 24, 2022
Cryptocurrency analyst Justin Bennett noted that Bitcoin had a “nice recovery” to $36,000 and could move higher towards the $40,000 to $42000 range if it held above the $35,000 level.
He added that Bitcoin’s downtrend is intact unless it moves back above the $40,000 to $42,000 range on a daily closing basis at least, in order to expose higher levels.
See Also: How To Buy Bitcoin (BTC)
Cryptocurrency analyst Benjamin Cowen dwelt on the fair value of Bitcoin — which is in a macro uptrend — on his YouTube channel.
Based on logarithmic regression bands, Cowen said that Bitcoin’s fair value is about $32,885. The cryptocurrency’s fair value is about $19,100, based on the logarithmic regression band fit to non-bubble data.
Cryptocurrency analyst Nicholas Merten said on his YouTube channel that Bitcoin’s recent market capitalization crash to $600 billion could “set the foundation” for the apex cryptocurrency to spring up over the next coming months.
He projects Bitcoin could touch the $200,000 level sometime in November this year if the expanding cycle theory is utilized as a model, and considering the interest for the cryptocurrency compared to traditional assets like gold.
Price Action: Bitcoin is 2.5% during the past 24 hours, trading at $36,040.55 at press time.