Analysts are predicting that Bitcoin’s market price is far going for bigger price drops in the short term based on technical indicators. Veteran trader, Peter Brandt went even far ahead to put bitcoin buy order at just $32,501. According to him, there was still much more room left to buy the dip.
Peter Brandt Schedules His Next Bitcoin Buy Order at $32,501
Bitcoin (BTC) is expected to dip as low as $32,501 in the short term based on technical indicators. On April 23, the BTC/USD trading pairs hit the lowest of lows, last seen since early March.
With the cryptocurrency going below even $50,000, bearish signs have begun to surface.
Popular trading analysts, Peter Brandt has shared on his social media that has scheduled his next bitcoin buy order at just $32,501.
Brandt is well known in the crypto community for correctly predicting various BTC market cycles in recent years.
Meanwhile, other analysts view $46,000 would be the last correction line for the BTC/USD trading pairs.
#Bitcoin broke through its support zone at ~$53k (~$1T market cap) last night
Looking at the on-chain volume profile, ~$47k is the next large support zone, which coincides with the -version of the on-chain profile (~$45k-$48k) and a Fibonacci zone (~$46.8k) pic.twitter.com/R7SNI6z2n5
— Dilution-proof (@dilutionproof) April 23, 2021
Bids from investors and large-volume whales, along with technical indicators, suggest that bears would have difficulty forcing the market much lower.
Bitcoin Price Pullback Only for Short Term
Meanwhile, Philip Swift of trading suite DecenTrader too agreed on the buying volumes around the $47,000-$49,000 price mark.
“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.”
“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,” he adds.
Bitcoin has plunged more than 10% over the past 24-hours. It’s the first time in six weeks that it fell below the $50,000 price mark. The price pullback follows a year of highs, even though the cryptocurrency is still worth significantly more than it was in March 2020 when it was valued below just $5,000.