Analyst Forecasts Bitcoin to Decline to $32,500 April 23, 2021 April 23, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsApril 23, 2021 by Kelly Cromley

Analyst Forecasts Bitcoin to Decline to $32,500

Bitcoin (BTC) is anticipated to hit a low of $32,500 in the near-term after major support levels got broken in the last few days. The BTC/USD pair hit lows that were not seen since the beginning of March, as analysts present their study and likely support levels.

The retracement of Bitcoin could frighten latest entrants in the market, but long-term investors remain cool as they had seen such sharp price declines in the past. Firm indications of bearishness were seen as the numero uno cryptocurrency broke below $50,000.

Experienced trader Peter Brandt, popular for precisely predicting various price levels of Bitcoin in the past, has stated that the decline has just now started and there is more to go on the downside. In fact, he disclosed that a purchase order was placed by him at $32,501.

Similar to other popular analysts, nevertheless, Brandt has a positive view of Bitcoin in the long-term. Like Brandt, another popular crypto trader, using the Twitter handle @Dilutionproof has forecast that $46,000 would be a crucial support level for BTC/USD.

Basically, there are several crucial support levels to look for. This includes bids from large-volume traders (whales) and investors, in addition to Fibo levels. So, it won’t be easy for the bears to push Bitcoin downwards.

Philip Swift, an analyst at trading suite Decentrader was in approval of the latest analysis. He said “I have also observed on the blockchain a lot of on-chain buying volume around $47-49K, which I expect to act as very strong support should we even get down to those price levels.”

“In addition, we are continuing to see big 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 do not believe that there is a need to panic or be overly concerned about the price of Bitcoin right now.”

As per data provided by Glassnode, the quantum of Bitcoins deposited to exchanges in the past 24 hours was greater than any time since the March 2020 crypto market crash. Rekt Capital, another popular crypto analyst, has pointed out that the pattern is a regular one that was seen in several Bitcoin bull market.

The beginning of the Q2 price correction, happening about 80 days after the completion of the Q1 price correction which started at $42,000, is identical to the scenario that happened during the 2017 bull rally.

As Bitcoin faces sell off, altcoins are getting dragged down, but the trend may be short-lived. Swift has picked Ether (ETH) after the largest altcoin by market capitalization recorded fresh all-time peak this week. In general, altcoins may see another round of buying by investors who may regard Bitcoin as a costly asset.

He stated “Given the influx of new money entering the market and new entrants perceiving Bitcoin as ‘too expensive,’ I am expecting money to flow into altcoins.”

“That would cause Bitcoin dominance to drop for a period of time as certain alts outperform Bitcoin.”

Interestingly, Bitcoin’s market dominance fell below 50% for the first time since 2018.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.