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Analysts are split on whether BTC will continue or consolidate after hitting the $45,000 support level.
The exuberant demands for the bull market to return may have been premature, especially after bulls failed to take Bitcoin (BTC) beyond the $46,000 threshold on March 31. Even with the current correction, analysts continue to anticipate a retest of lower support near the $45,000 mark.
According to data from Cointelegraph Markets Pro and TradingView, today's attempt to push Bitcoin's price above $47,500 was forcefully rejected by bears, sending the top cryptocurrency plummeting to $45,500.
Here's a look at what some market analysts are saying about Bitcoin's price fall and whether traders should brace themselves for further losses or anticipate another upward run.
This is merely a temporary adjustment.
Not all traders were taken aback by Thursday's Bitcoin price decline, like market analyst and pseudonymous Twitter user 'IncomeSharks,' who posted the following chart prior to the price decline, saying that the "4h seems like it wants to correct a bit."
BTC is looking for support in the $42,000 to $45,000 range.
The next available levels of support to monitor were discussed by market analyst and economist Caleb Franzen, who posted the following chart depicting the 21-day, 55-day, and 200-day exponential moving averages (EMA) for Bitcoin, stating, "Sometimes it's beneficial to remove all the noise, remove price structure analysis, and simply look at the exponential moving averages."
A essential phase of consolidation in the sideways direction.
A more macro perspective on Bitcoin's future was provided by analyst and pseudonymous Twitter user 'BTCFuel,' who shared the following chart comparing the BTC price action in 2012 to its current movement and opined that "after rallying 28 percent in the last two weeks and breaking a major resistance, some sideways consolidation should be beneficial for Bitcoin."
“In the next months, I believe that Bitcoin will move slow and steadily up like in 2012. But altcoins will go nuts.”
The total market capitalization of cryptocurrencies is now $2.087 trillion, with Bitcoin dominating at 41.6 percent.
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