After losing nearly $2,000 in a matter of hours, Bitcoin has retreated to $32,000.
According to a Twitter survey released by famed analyst Peter Brandt, there are conflicting feelings about the next significant move, with some urging Elon Musk to pump the asset.
Bitcoin has retreated below the $32,000 support level in the last 24 hours. The digital currency was flirting with the $35,000 barrier mark earlier this week, but it has now slid back down due to fearful investors pulling out. Bitcoin has dropped by as much as 5%, shedding about $2,000 in just a few hours, according to our data. The cause of the drop is still unknown, with most analysts pointing to technical modifications.
Following the drop, some members of the community have urged Elon Musk to pump Bitcoin. Crypt0men, a Twitter user, encouraged the entrepreneur to pump BTC. The request appeared to compliment Elon Musk, who has been tweeting about meme coins and avoiding Bitcoin in recent days.
Elon Musk’s recent effort to pump DOGE, on the other hand, has appeared ineffective, with prices barely moving the meme coin at times and it losing much of its gains quickly after his engagement.
However, as a powerful figure in the corporate world, his presence in the crypto area, whether favorable or negative, might have a significant impact on the entire market.
Elon Musk and his associates are running a pump-and-dump operation with Dogecoin: Analyst of renown
Bitcoin’s popularity is still skewed.
With Bitcoin trading sideways, the market is split on the crypto king’s next big move. A majority of investors believe Bitcoin will hold above $30,000, according to a poll conducted by famed trader Peter Brandt. This is still a critical position for the asset, with a breach exposing the asset to a drop.
However, only 30% of the more than 30,000 participants predict Bitcoin to keep its value, while another 26% expect it to go below $20,000.
About a quarter of those polled believe Bitcoin will price between $20,000 and $25,000. JPMorgan analysts recently forecast that Bitcoin will drop to $25,000 this month. It was improbable, though, that it would fall below $25,000 in value.
: Following the unlocking of Grayscale GBTC shares, JPMorgan strategists predict Bitcoin to reach $25,000, according to JPMorgan.
Bitcoin skeptics Peter Schiff recently forecasted that the asset may easily fall to $10,000, a level that it has been struggling with for the past few years. If Bitcoin falls below $20,000, it may spiral to these depths.
Bitcoin is a digital currency (BTC)/n
