The price of Bitcoin has taken a huge downward slide and landed at $54,000. On the other hand, the analysts and pro traders are expecting another bull run by taking advantage of this opportunity of ‘buy the dip’.
On 23rd March, the bears finally managed to pull down the price of Bitcoin below the support level of $54,000 since many of the on-chain data indicates that the whale wallets already started slowing down their purchases. In addition, they are also transferring the hazards to the other retail investors.
Bulls Continue Driving Up Bitcoin Prices After Drop
According to the data from TradingView Markets suggests that there is a decline that started on 22nd March and has been continuing on 23rd March when the Bitcoin price of $54,000 was retested as the support level again from the 2nd time within this week.
Coinshares has also reported that Bitcoin is still the leading choice of an asset for institutional investors. On the other hand, the cryptocurrency sector has witnessed a massive growth in assets by $57 billion that is presently being taken care of by institutions.
Michael Poppe, an analyst at Cointelegraph Markets, has informed that the latest pullback is actually a bullish preparation for BTC. Although many inexperienced and new traders of cryptocurrency are considering this downtrend as a mark of bearish reversal.
CryptoQuant reports that 14,600 total BTC left Coinbase on 23rd March early morning. This is an indication of bullish development because the supply shortage is the most popular narrative of a bull run.
Although outflows cannot be confirmed as bullish shorting or whale accumulation, data shows an incident of enormous accumulation at the level of $55,000. Nonetheless, researchers warned that in case this support fails, $47,438 is the next solid support level.