- Bitcoin has slipped back to the $32,000 levels after losing roughly $2,000 in a couple of hours.
- There are mixed sentiments over the next major move as revealed by a Twitter poll shared by legendary analyst Peter Brandt all while some call on Elon Musk to pump the asset.
In the last 24 hours, Bitcoin has slipped back to the $32,000 support. Earlier in the week, the digital asset was flirting with the $35,000 resistance level but with nervous investors cashing out, the asset has slipped back down. According to our data, Bitcoin has lost as much as 5 percent, losing nearly $2,000 in a few hours. It remains unclear what triggered the fall with most analysts pointing to technical adjustments.
In the wake of the plunge, some in the community have called upon Elon Musk to pump Bitcoin. Twitter user Crypt0men took to Twitter, urging the entrepreneur to pump BTC. The request seemed to flatter Elon Musk who has in recent days prefered to tweet about meme coins and abstaining from Bitcoin.
I love this 🤣🤣 https://t.co/UuyxsLVDQ7
— Elon Musk (@elonmusk) July 8, 2021
However, Elon Musk’s recent effort to pump DOGE has seemed futile with prices at times hardly moving the meme coin or seeing it shed much of the gains shortly after his involvement.
Even Elon tweeting about Doge doesn't work anymore
— Joe Weisenthal (@TheStalwart) July 1, 2021
But still, a very influential person in the business world, his involvement in the crypto space, negative or positive could still have a major impact on the entire market.
Bitcoin sentiments still mixed
With Bitcoin moving sideways, the market remains divided on the next major move by the crypto king. In a poll created by legendary trader Peter Brandt, a majority of investors believe that Bitcoin will hold above $30,000. This remains a key position for the asset with a breach of this, exposing the asset to a plunge.
However, with only 30 percent of the more than 30,000 participants, voting for Bitcoin to hold, another 26 percent expect Bitcoin to plunge below $20,000.
For reference pic.twitter.com/2jCT7LLIVF
— Peter Brandt (@PeterLBrandt) July 8, 2021
Roughly 24 percent expect Bitcoin to trade between $20,000 and $25,000. Recently, JPMorgan analysts also predicted that Bitcoin was likely to fall to $25,000 this month. However, it was unlikely that it would plunge below $25,000.
Bitcoin critic Peter Schiff has recently predicted that the asset could easily collapse to the $10,000 position, a level which the asset has struggled with for the last few years. If Bitcoin drops under $20,000, the asset could spiral to these levels.
Bitcoin continues to carve out the right shoulder of an ominous head and shoulders top pattern. If #Bitcoin takes out the June low, the market could easily collapse below $10K, especially if leveraged speculators are forced to sell. No one seems to acknowledge this possibility.
— Peter Schiff (@PeterSchiff) July 7, 2021