Bitcoin
BTC$69 876.08

-0.73%

Ethereum
ETH$3 518.54

-1.51%

Tether
USDT$1.000185

0.03%

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BNB$606.51

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Solana
SOL$183.85

-1.84%

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-1.87%

Bitcoin price due for break below $30K trader warns after 9% daily loss


08 Jun 2021

#Bitcoin

A breakout to avoid a fresh price dip would be a "miracle," says Crypto Ed as storm clouds gather for Bitcoin bulls. Bitcoin (BTC) traded worryingly near $30,000 support on June 8 amid fresh predictions of incoming lows.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as the pair lost 9% overnight on Monday. No amount of good news was able to help bulls, with potential adoption breakthroughs in Latin America conspicuously doing nothing to boost lackluster price action.

U.S. Treasury Secretary Janet Yellen likewise failed to lift the mood when she voiced support for higher inflation. Instead, Bitcoin dropped to $32,000, at the time of writing coming off a rebound to $33,000. For popular trader Crypto Ed, the outlook was uninspiring — and even included a trip below the $30,000 mark.

“It did the white ABC I posted before the weekend,” he told Twitter followers, referring to a forecast price rotation. “Now in green box but I'd expect 1 more leg down today, followed by a bounce to ~35k From there down again, sub 30k, or ‘up only’ again, but the latter feels more like a miracle tbh.”

Moving averages cause alarm

As Cointelegraph reported, traders are already on edge over a potential “death cross” involving two key moving averages which could spell further downside. This could extend beyond the short term, Cane Island Alternative Advisors investment manager Timothy Peterson noted, thanks to BTC/USD now lingering below its 200-day moving average for almost three weeks.

“This metric has *always* marked the end of a bull run and the start of a bear market,” he added in comments on Monday.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 42 $69 876.08 -0.73% 5.59% $1 374 273 013 911 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.8% 50 $3 518.54 -1.51% 0.22% $422 473 613 366 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000185 0.03% 0.01% $104 523 618 020 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 81 $606.51 2.75% 3.96% $90 695 193 363 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 60.8% 88 $183.85 -1.84% 2.48% $81 702 403 548 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.6% 27 $0.610516 -1.87% -3.83% $33 507 724 771 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $0.999970 -0.02% -0.01% $32 490 169 862 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68% 66 $0.209888 5.10% 28.84% $30 153 031 924 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 70.4% 66 $0.638195 -1.75% -0.36% $22 709 265 386 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 58.4% 87 $53.20 -2.95% -4.74% $20 079 936 302 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.8% 94 $0.000030 -1.14% 8.76% $17 930 876 259 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 60.4% 87 $4.78 -3.12% 7.52% $16 596 027 613 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 73.2% 49 $9.37 -2.39% 0.76% $13 373 754 540 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 68.8% 58 $574.59 3.29% 38.32% $11 309 146 535 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 75.2% 42 $18.77 -3.67% 1.94% $11 018 453 562 LINK 7 days price change

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