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An analyst enters a Bitcoin buy order for $ 32,500, while hodlers bet on a minimum BTC price of $ 46,000

Peter Brandt is bracing for a further drop in prices, as technical indicators suggest that the bulls could save themselves from an apocalyptic slide.

Bitcoin (BTC) is expected to drop as low as $ 32,500 in the short term after several crucial support levels faded on April 23.

On Friday, the BTC / USD pair hit lows not seen since early March, as analysts line up their forecasts, and buy orders, on the latest Bitcoin price correction.

Brandt plans to buy Bitcoin at $ 32,501

BTC pullbacks tend to scare off new investors, while veterans seem to fight each other to see who is able to be calmer as the numbers drop.

However, as the largest cryptocurrency fell to $ 53,000 and then $ 50,000, signs of a short-term downtrend began to appear.

  • Bitcoin price «easing» move to $ 47,000 pushes BTC below stock-to-flow trajectory

For veteran trader Peter Brandt, recognized for having announced various BTC price phenomena in recent years, there was still much more room to buy the drop. So much so that he revealed that he had scheduled a buy order at just $ 32,501.

I have entered overnight orders to buy $ BTC at $ 32,501

– Peter Brandt (@PeterLBrandt) April 23, 2021

However, like other popular analysts, Brandt is far from bearish on Bitcoin in the long term. Joining him in forecasting the minimum price was the popular Twitter account @Dilutionproof, who argued that $ 46,000 would be a line in the sand for the BTC / USD pair.

The basis of the support consists, in fact, of various price points, the account explains. Bids from investors and high-volume whales, coupled with a technical Fibonacci level, suggest that bears would have a hard time forcing the market much lower.

«I have also observed on the blockchain network a large amount of on-chain purchase volume around $ 47-49K, which I hope will act as a very strong support should we hit even those price levels,» agreed Philip Swift, of the Decentrader trading suite, in a new analysis released Friday.

«In addition, we continue to see large increases in the number of users on the Bitcoin blockchain, which is also bullish. So while there has been a lot of fear on social media this week, I don’t think there is any need to panic or worry about excess for the price of Bitcoin right now. «

In the 24 hours to Friday, more BTC was deposited with exchanges than at any time since the cross-assets crash in March 2020, data from Glassnode shows.

  • Ethereum hits all-time high of $ 2,600 as Bitcoin market dominance falls below 50%

For fellow Twitter analyst Rekt Capital, meanwhile, the pullback is a textbook event that has characterized all Bitcoin bull markets.

The start of the second quarter correction, which occurs around 80 days after the end of the first quarter correction from $ 42,000, mimics what happened to Bitcoin during its 2017 bull run, the account noted.

Altcoins suffer but a cash injection is coming

As Bitcoin persists, altcoins are seeing another red sea after succumbing to extensive sell-off, but not for long.

That’s also the conclusion of Swift, who pointed to Ether (ETH) after the largest altcoin by market cap hit new all-time highs this week. More generally, altcoins are poised for an influx of cash from investors who consider Bitcoin to be «too expensive.»

Watch out for Bitcoin’s whales: This metric that hit the all-time high in 2017 is now in the red
«Given the influx of new money entering the market and new entrants who perceive Bitcoin as ‘too expensive’, I expect money to flow into altcoins,» he added.

«That would cause Bitcoin’s dominance to drop for a period of time as certain alternatives outperform Bitcoin.»
Bitcoin on Thursday lost its controlling share of the cryptocurrency market capitalization pie, falling in the 40-50% zone for the first time since 2018.

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