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Bitcoin keeps falling, consolidating analyses from top analysts for the bottom price, should one catch the falling knife or buy the dip?

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Bitcoin keeps falling, consolidating analyses from top analysts for the bottom price, should one catch the falling knife or buy the dip?

Bitcoin and other cryptocurrencies plummeted early this morning following reports of the U.S. President's plan to raise the capital gains tax for the wealthy to a maximum of 43.4%. As of now, there are no significant signs of recovery, leaving the crypto community wondering, "How low will Bitcoin go?" Here are some price predictions from analysts or investment institutions.

Guggenheim CIO

Scott Minerd, Chief Investment Officer of Guggenheim Partners, an asset management firm, stated in an interview with CNBC on April 21st:Interview, "Given the massive fluctuations in Bitcoin in the short term, the bubble phenomenon is very prominent, and I believe that the price of Bitcoin will face a major correction."

He predicted that "the price of Bitcoin will fall to $20,000 to $30,000, a 50% drop." Scott Minerd stated that while this drop may seem significant, it is not uncommon for Bitcoin. However, he remains optimistic about Bitcoin's long-term performance, believing that the eventual price of Bitcoin will rise to $400,000 to $600,000.

Weiss Ratings

According to a report on April 20th, Weiss Ratings believes that the crash is not caused by a single factor, but significant leverage in the market seems to be one of the main causes. Bitcoin has now fallen below the 21-day moving average, which may lead to a longer correction period.Read more.

"We might consider $46,000 to $48,000 as the bottom, which is roughly a 30% retracement and what we have been expecting for these months. This would be a good buying point, and a meaningful retracement will bring another bull market cycle of at least a year."

Jack's Trading Room

In today's Bitcoin price analysis by Jack, he pointed out that Bitcoin has broken below the rising wedge trendline, the Fibonacci 61.8 support at 51,176.5, and the 12-hour EMA144 169 moving average support channel, indicating a high probability of further decline to the trendline starting point at 43,017.5, close to the Fibonacci 38.2 support at 42,643.0, and the range of the Vegas tunnel. Jack concludes that the area around 42,643 - 43,017.5 is a structural support level. As shown in the image below.

Additionally, Jack emphasizes that before the bull market reaches its peak, there are usually several 30-40% large cycle retracements. If the above buying conditions are met, this drop will be around -35.7%. If these spot buying conditions are met on the daily chart, it will be the second spot entry point of this bull market cycle.

*Please note that this layout is a long-term buying condition arrangement, not a short strategy.

Twitter Trader Crypto Dog

According to the overseas cryptocurrency KOL Crypto Dog's tweet today, he also uses the Fibonacci sequence of the daily Bitcoin chart as a judgment basis. The current Bitcoin price is around $48,000, just above the 0.5 support. If it cannot hold steady at this level, the next point is likely to test $42,566.

https://twitter.com/TheCryptoDog/status/1385329485805805569

Crypto Whale Joe007

When asked about the current price stage by the well-known whale Joe007 today, he responded:

"If this is a normal retracement in a bull market, we can be quite sure that the price will stabilize at one of these price supports."

Joe007's mentioned price supports are $30,000 and the previous bull market high of $20,000.

Bitcoin Panda fooo

The panda trader fooo, who successfully sold at the peak before the drop, stated today:

"We will definitely drop to $33,000 or even lower, but if we enter this blue-green range, fooo will consider buying a bit."

The range mentioned by fooo is roughly between $45,000 and $38,000. However, in anothertweet, fooo pointed out that $42,000 and $33,000 are two more critical support levels.

Messari Researcher Mira Christanto

Drawing from the 2017 Bitcoin bull market, Mira Christanto pointed out that in the last bull market, the average retracement was about 35% each time. However, Bitcoin has only retraced about 26% so far. In other words, based on the average 35% retracement, Bitcoin still has room to drop (around $41,850).

Whose viewpoint do you agree with more, or do you think Bitcoin will drop to what price?