Bitcoin pulls back below $32,000

Bitcoin (BTC-USD) -7% is sliding back below $32K, continuing its decline for the week.The crypto is now nearly 30% below its peak hit on Jan. 8.Cryptocurrency exchange Luno and brokerage OSL argued yesterday that Bitcoin could top $50K in the long term as it vies with gold (XAUUSD:CUR) -0.1% for cash inflows.The endowments of Harvard, Yale and Brown have been buying Bitcoin directly for at least a year, CoinDesk reports.In his Elliott Wave analysis of Bitcoin yesterday, Ryan Wilday wrote "Bitcoin must hold over $20,300 or the B wave top is in play. Should it trigger, we'll watch for a C wave down to the $3K-$10K region." But he is predicting a rise to $150K.