Bitcoin (BTC) is anticipated to drop to $32,500 in the near term after many critical support levels faded to nothing on April 23, 2021. BTC plunged to lows not seen since early March, as the analysts line up their buy orders and prognoses in the latest market correction.
Peter Brandt Wants To BuyBitcoin At $32,501
Bitcoin pullback seems to worry the new investors while the old hands appear to battle each other for who can put on the coolest persona as the numbers drop. As the flagship crypto fell through $53,000 and then $50,000, signs of bearishness for the near term started to arise.
For the veteran trader Peter Brandt, who is well known for calling multiple bitcoin price phenomena in recent years, there is a lot of room to buy the dip. So much room is available so that he revealed he had scheduled a buy order at $32,501. The trader is bracing for huge price drops as technical indicators suggest that the bulls will be spared an apocalyptic crash.
I have entered orders overnight to buy $BTC at $32,501
— Peter Brandt (@PeterLBrandt) April 23, 2021
But, just like the other popular analysts, Brandt is far from becoming bearish on BTC in the long term. Joining him in projecting the price floor was popular Twitter account Dilution-proof, who said that $46,000 would be a line in the sand for bitcoin.
Notably, the foundation support features several price points, according to the account. Bids from the investors and large whales, along with a technical Fibonacci level, all say that bears would have some challenge forcing the market much lower. In a fresh analysis released on Friday, Philip Swift of trading suite DecenTrader agreed:
“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.”
More bitcoin was deposited to crypto exchanges in the 24 hours to Friday than at any time since the cross-asset crash in March 2021, Glassnode data indicates. In the meantime, fellow Twitter analyst Rekt Capital, says that the retracement is a textbook event that has affected every bitcoin bull market.
The beginning of the Q2 correction, coming around 80 days after the end of the Q1 2021 correction from $42,000, mimics what happened to BTC in the 2017 bull run, according to the account.
Altcoins Affected But A Cash Injection Is Imminent
As bitcoin keeps lingering, altcoins are experiencing another sea of red after they succumbed to a widespread sell-off; but not for long.
That is also the conclusion of Philip Swift, who said that Ether (ETH) will lead the recovery after the biggest altcoin by market capitalization reached new all-time highs earlier this week. In general, the altcoins are ready for an influx of cash from the investors who now consider bitcoin to be ‘too expensive.’ Swift said:
“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.”
Bitcoin lost its controlling segment of the crypto market cap pie on April 22, plunging into the 40%-50% zone for the first time since 2018.