The price of bitcoin is ready to turn, but in which direction?

The No. 1 cryptocurrency was near the $50,000 level during April 24-25.

Bitcoin paused its decline, which happened last week, and fluctuated around the $50,000 level on April 24-25, ending up at $49,500 at the beginning of April 26. The short-term consolidation may linger, but the digital asset could turn around – the whole question is in which direction.

Indeed, bitcoin direction has lost about 27% from its all-time high of around $65,000. A key support level for the digital asset could be $45,000, a decline of 30%. Trader Michael van der Poppe thinks some of his peers are rushing, saying bitcoin is poised to continue its decline.

Indeed, analyst Joseph Young believes that the decline in bitcoin futures being bought at the current moment could be seen in favor of a further rise in the price of the No. 1 cryptocurrency. Bitcoin’s hash rate recovery after its recent decline due to the power supply situation in some areas of Xinjiang province, China, is also viewed positively.

The trend toward long-term bitcoin investing continues to strengthen. Morgan Creek Capital managing partner Anthony Pompliano writes this in a letter to investors, drawing attention to a clear upward trend in the number of digital addresses with bitcoin balances of 100 to 1,000 BTC from September 2020 to the current moment.

Preston Pysch believes that the bitcoin sell-off that led to its depreciation is likely coming to an end. Meanwhile, trader Peter Brandt, on the one hand, does not yet see the end of the bitcoin sell-off in the market, on the other hand, gives data from which we can draw the following conclusion: if the cryptocurrency number 1 will show a downward trend for at least 7-10 days, then, based on the experience of past corrections, we can assume the beginning of a protracted phase of the decline of the largest digital asset by capitalization.