As Bitcoin Struggles To Build On Relief Rally, Here's What 5 Popular Crypto Analysts Are Saying

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Five popular cryptocurrency analysts see Bitcoin (CRYPTO: BTC) consolidating after the apex cryptocurrency regained the $50,000 level earlier this week.

What Happened: Justin Bennett, a cryptocurrency analyst and trader with over 93,000 Twitter followers, noted that Bitcoin is consolidating “as expected.”

Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe said that after being rejected at $51,600, Bitcoin must hold above the range of $49,300 to $49,700 if it wants to see upward momentum.

See Also: How To Buy Bitcoin (BTC)

The Crypto Dog, a Twitter-popular cryptocurrency analyst, told his over 703,000 followers on the microblogging site that conditions are “not bad” for Bitcoin.

Pentoshi, another closely-followed pseudonymous cryptocurrency trader with over 388,000 Twitter followers, retweeted his earlier post that notes Bitcoin could trend lower for the next three weeks.

He added that there will be more clarity in the stock markets following the release of the Consumer price Index (CPI) data on Dec. 10 and the Federal Reserve meeting on Dec. 15.

Altcoin Sherpa, another pseudonymous cryptocurrency analyst, said he is planning to buy more Bitcoin in the next few days.

Why It Matters: Bitcoin regained momentum this week after a “bloody Saturday” for the apex cryptocurrency and altcoins amid fears surrounding a hike in interest rates and the Omicron variant of the COVID-19 virus. However, Bitcoin has not been able to build on the relief rally after it touched the $51,000 level.

Bitcoin is the world’s largest cryptocurrency by market capitalization and its year-to-date gains are 72.05%. However, the cryptocurrency is down 26.5% from its all-time high of $68,789.63 touched in November.

Price Action: Bitcoin is down 1% during the past 24 hours, trading at $50,539.76 at press time.

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