There are growing claims that the decline may continue after the Bitcoin (BTC) price lost significant support levels on April 23. There is even talk of a possibility of decline to $ 32,500 in the short term.
While there has been an unprecedented decline in the BTC / USD parity since the beginning of March, analysts are aiming to buy at a lower price.
Experienced analyst Peter Brandt plans to buy Bitcoin at $ 32,501
While the correction in the BTC price scares new investors, it strives to be the most accurate determination with experienced names.
As the largest cryptocurrency first lost $ 53,000 and then $ 50,000, expectations for a deeper drop in the short term rose.
Experienced trader Peter Brandt put the bottom price considerably lower. So that he sent tweetannounced that he had placed an order to buy at $ 32,501.
I have entered orders overnight to buy $ BTC at $32,501
— Peter Brandt (@PeterLBrandt) April 23, 2021
Brandt said that although he expects a deep drop in the short term, there will be no bearish trend in Bitcoin in the long term.
@Dilutionproof, one of the popular Twitter accounts, is at the level of $ 46,000 for the bottom price. determined. Along with orders from investors and large-volume whales, the expert who handled the Fibonacci level said the bears would have a hard time pulling the market much lower.
In market analysis shared by Decentrader, Philip Swift said, “I’ve observed a lot of on-chain purchase volumes on the blockchain around $ 47 to 49,000 and I think it will work as a very strong support if we go down to these price levels.”
“In addition, we continue to see huge increases in the number of Bitcoin blockchain users as well, which is on the rise. So there is no need to panic or be overly worried about the Bitcoin price, even though there is a lot of fear on social media.”
Glassnode to data According to it, since the massive crash in March 2020, the highest amount of BTC was deposited on exchanges within 24 hours.
Meanwhile, for Twitter analyst Rekt Capital, this correction is seen in all Bitcoin bull markets. That a process similar to the one that occurred during the 2017 bull market stated.
Cash flow is imminent, although altcoins are falling
As Bitcoin declines, the altcoin market turns red, seeing big sales.
Speaking about Ether (ETH), the largest altcoin by market value, Swift said, “In general, investors who see Bitcoin as ‘too expensive’ flow into altcoins.”
“With certain altcoin prices outperforming BTC, Bitcoin dominance will drop for a while.”
Bitcoin lost the majority of the cryptocurrency market as of Thursday, falling into the 40-50% zone for the first time since 2018.