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Analysts still ‘bullish on April’ despite Bitcoin price drop to $54K

Pro traders and analysts view Bitcoin’s dip below $54,000 as another bullish buy-the-dip opportunity.
On March 23 bears managed to push the price of Bitcoin (BTC) below the $54,000 support level as various on-chain data suggests that whale wallets have begun slowing down purchases and are transferring the risk to retail investors. Data from Cointelegraph Markets and TradingView shows that the downtrend that began on March 22 and continued into Tuesday s the price retested the $54,000 support level for the second time this week.BTC/USDT 4-hour chart. Source: TradingViewData from Coinshares indicates that BTC remains the chosen asset for institutional investors while the sector as a whole continues to see significant growth as $57 billion in assets is currently being managed by institutions.The uptrend remains intact despite the recent pullbackWhile inexperienced traders and those new to the cryptocurrency space might view the recent downturn as a sign of a bearish reversal, Cointelegraph Markets analyst Michaël van de Poppe sees the pullback as a bullish development for Bitcoin.To me, this looks like a healthy correction for #Bitcoin.As long as $49-51K holds, I’m assuming we’ll see continuation towards $68K.Still expecting a massive surge on #altcoins to happen from April onwards.— Michaël van de Poppe (@CryptoMichNL) March 23, 2021
Data from CryptoQuant, an on-chain data provider, shows that a total of 14,600 BTC left Coinbase in the early hours of March 23. Traders typically view BTC outflows as a bullish development since the perception of a supply shortage …
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