{"id":209351,"date":"2021-03-24T04:05:30","date_gmt":"2021-03-24T01:05:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-still-bullish-on-april-despite-bitcoin-price-drop-to-54k\/"},"modified":"2021-03-24T04:05:30","modified_gmt":"2021-03-24T01:05:30","slug":"analysts-still-bullish-on-april-despite-bitcoin-price-drop-to-54k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-still-bullish-on-april-despite-bitcoin-price-drop-to-54k\/","title":{"rendered":"# Analysts still &#8216;bullish on April\u2019 despite Bitcoin price drop to $54K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf2a115aea\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf2a115aea\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-still-bullish-on-april-despite-bitcoin-price-drop-to-54k\/#The_uptrend_remains_intact_despite_the_recent_pullback\" >The uptrend remains intact despite the recent pullback<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-still-bullish-on-april-despite-bitcoin-price-drop-to-54k\/#Select_altcoins_rally_as_Bitcoin_pulls_back\" >Select altcoins rally as Bitcoin pulls back<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts still &#8216;bullish on April\u2019 despite Bitcoin price drop to $54K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>On March 23 bears managed to push the price of Bitcoin (BTC) below the $54,000 support level as various on-chain data suggests that whale wallets have begun slowing down purchases and are transferring the risk to retail investors.\u00a0<\/p>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the downtrend that began on March 22 and continued into Tuesday s the price retested the $54,000 support level for the second time this week.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/7594567f-f7a6-4710-af51-91bc1358d797.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Data from Coinshares indicates that BTC remains the chosen asset for institutional investors while the sector as a whole continues to see significant growth as $57 billion in assets is currently being managed by institutions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_uptrend_remains_intact_despite_the_recent_pullback\"><\/span>The uptrend remains intact despite the recent pullback<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While inexperienced traders and those new to the cryptocurrency space might view the recent downturn as a sign of a bearish reversal, Cointelegraph Markets analyst Micha\u00ebl van de Poppe sees the pullback as a bullish development for Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To me, this looks like a healthy correction for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>.<\/p>\n<p>As long as $49-51K holds, I&#8217;m assuming we&#8217;ll see continuation towards $68K.<\/p>\n<p>Still expecting a massive surge on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/altcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#altcoins<\/a> to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en from April onwards. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/WxaYQZ7IrE\">pic.twitter.com\/WxaYQZ7IrE<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1374357496312266767?ref_src=twsrc%5Etfw\">March 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Data from CryptoQuant, an on-chain data provider, shows that a total of 14,600 BTC left Coinbase in the early hours of March 23. Traders typically view BTC outflows as a bullish development since the perception of a supply shortage is a popular bullish narrative among crypto pundits.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/8dd4dea5-6f45-4724-9e59-2f1bb635af12.jpg\"><figcaption style=\"text-align: center;\"><em>BTC outflows from Coinbase Pro. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1374363945482391555\/photo\/1\"><em>CryptoQuant<\/em><\/a><\/figcaption><\/figure>\n<p>While there is no way to confirm that the outflows were the result of whale accumulations, analysis from Whalemap shows that there has been heavy accumulation at the $55,000 level, but the researchers cautioned that should the current support level fail, the next strong support level is found at $47,438. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/9c559a66-cbed-4b32-b0fe-01ca8bcc6616.jpeg\"><figcaption style=\"text-align: center;\"><em>Large BTC wallet inflows. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1374342160741507072\"><em>Whalemap<\/em><\/a><\/figcaption><\/figure>\n<p>The analysts at Jarvis Labs took a slightly different viewpoint and suggested that traders look at more than just the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> exchange flows to understand BTC&#8217;s day-to-day movements. <\/p>\n<p>According to Jarvis Labs co-founder Ben Lilly, \u201cit&#8217;s important to see what wallet is active within the general flows.&#8221; <\/p>\n<p>Jarvis Labs tracks one wallet which they refer to as &#8220;Pablo&#8221; and analysis shows that the wallet has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/jarvislabs.substack.com\/p\/who-crashed-the-market\">historically been tied to bearish price action in Bitcoin price<\/a>.\u00a0 The last time Pablo moved BTC occurred during the sharp market correction in late February. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/aaae2239-4ad3-42d5-b6e5-049972f64d94.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin transactions from \u201cPablo\u201d wallet. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/jarvislabs.substack.com\/p\/who-crashed-the-market\"><em>Jarvis Labs<\/em><\/a><\/figcaption><\/figure>\n<p>More recently, the Jarvis team noted that Pablo began shuffling around 15,000 BTC on March 4, indicating that a potential price dump was ahead. The dump came on March 14 as Bitcoin climbed above $60,000 and looked to make a run for a new all-time high. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/26e42bdb-4167-4ac0-8093-21942fee3e5e.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD perpetual swap contract. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/jarvislabs.substack.com\/p\/who-crashed-the-market\"><em>Jarvis Labs<\/em><\/a><\/figcaption><\/figure>\n<p>Lilly said:<\/p>\n<blockquote><p>\u201cThis behavior formed the final leg of the last short-term bearish trend, which lines up with the upcoming largest options expiry. This is the type of thing that can clear the way for higher highs ahead. We&#8217;re still bullish on April, and general flows support this.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Select_altcoins_rally_as_Bitcoin_pulls_back\"><\/span>Select altcoins rally as Bitcoin pulls back<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite Bitcoin&#8217;s bearish price action, a handful of altcoins were able rallly to new highs. As reported by Cointelegraph, the &#8216;Coinbase effect&#8217; boosted Ankr (ANKR), Curve DAO Token (CRV) and Storj (STORJ) price from 50% to 100% and trading is expected to commence on Coinbase Pro starting on March 25.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/cfca50a6-c099-4f80-b900-b11a9d2faae9.png\"><figcaption style=\"text-align: center;\"><em>CRV\/USDT vs. ANKR\/USDT vs. STORJ\/USDT 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Theta (THETA) and Theta Fuel (TFUEL) also continued their relentless climb higher on Tuesday after it was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Theta_Network\/status\/1374401589511737351\">revealed<\/a> that Sierra Ventures, Heuristic Capital, The VR Fund and GFR Fund had \u201cstaked more than $100M in THETA to a collective Enterprise Validator Node.\u201d<\/p>\n<p>Following the announcement, Theta surged 40% to a new all-time high of $14.21 and TFUEL rallied 30% to a new record high of $0.53. <\/p>\n<p>The overall cryptocurrency market cap now stands at $1.69 trillion and Bitcoin\u2019s dominance rate is 59.8%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/analysts-still-bullish-on-april-despite-bitcoin-price-drop-to-54k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Analysts still &#8216;bullish on April\u2019 despite Bitcoin price drop to $54K &#8221; On March 23 bears managed to push the price of Bitcoin (BTC) below the $54,000 support level as various on-chain data suggests that whale wallets have begun slowing down purchases and are transferring the risk to retail investors.\u00a0 Data from Cointelegraph Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":209352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvYzgwNjgwN2UtMTA4ZS00ODYxLTkzNzMtYTcyZWMxOWU4ZDZkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74894,74956,74863,74860,74868,75150,73785],"class_list":["post-209351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-blockchain","tag-coinbase","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-defi","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/209351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=209351"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/209351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/209352"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=209351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=209351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=209351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}