Bitcoin
BTC$63 464.16

-4.40%

Ethereum
ETH$3 111.33

-4.92%

Tether
USDT$0.999507

-0.09%

Binance Coin
BNB$606.03

-0.72%

Solana
SOL$143.73

-9.44%

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Bitcoin support wobbles amid warning BTC price could hit $40K next


11 May 2021

#Bitcoin

Dissolving support at $50,000 opens up a path to levels not seen in months, warns Delta Exchange CEO Pankaj Balani. Bitcoin (BTC) could see a price drop to as low as $40,000 if higher support levels fail to hold, an industry CEO says.

Speaking to Bloomberg on May 11, Pankaj Balani, the CEO of digital asset derivatives exchange Delta Exchange, warned that there is a danger of fresh significant losses for BTC/USD.

Balani doubts altcoins' resilience to BTC dip

Bitcoin shed around 5% overnight on Monday, the latest in a familiar cycle of dips and rebounds below crucial resistance which begins at around $59,500. At the time of writing, the largest cryptocurrency traded at just above $55,000. For Balani, $50,000 now forms a significant line in the sand for bulls, and a failure to hold it would open up a new lower trading corridor with a floor at $40,000.

The perspective jars with the more optimistic projections from data-based analytics this week. As Cointelgraph reported, whale buying was previously tipped to keep BTC/USD at a minimum of $52,000.

A major cluster of support from whales — 120,000 BTC at $58,000 — nonetheless failed to stop short-term losses, leaving a question mark over the ability of smaller clusters lower down to do likewise. Cointelegraph additionally noted that exchange order book support only begins at $50,000, with few bids between that boundary and all-time highs of $64,500.

Altcoins come down from highs

Reacting to the latest price action, however, popular commentators were as cool as ever, noting the overall volatility of the market was very much acting within defined contours. On altcoins, a sense of a reset being underway was apparent on the day, with Ether (ETH) taking a breather after hitting new all-time highs repeatedly in recent days.

Fresh Twitter action from Elon Musk, CEO of Tesla and SpaceX, had the potential to release a new spate of growth for Dogecoin (DOGE), which had paired almost a week of gains to drop to around $0.50.


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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 82.8% 27 $63 464.16 -4.40% 2.09% $1 249 609 254 284 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 111.33 -4.92% 2.96% $379 732 070 134 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999507 -0.09% -0.11% $110 409 078 951 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.6% 19 $606.03 -0.72% 11.89% $89 443 047 064 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 68.4% 71 $143.73 -9.44% 7.83% $64 254 007 873 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 2 $0.999988 -0.01% 0% $33 434 777 875 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 67.6% 62 $0.516465 -4.83% 5.07% $28 472 296 020 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 60 $0.149139 -7.77% 2.03% $21 480 346 979 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 66.4% 66 $5.24 -8.88% -14.53% $18 180 891 079 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 64% 72 $0.466880 -6.14% 4.60% $16 636 752 951 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 60.8% 82 $0.000025 -8.68% 12.38% $14 632 939 280 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 68% 68 $34.91 -10.17% 1.85% $13 196 565 753 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88% 19 $0.115485 1.40% 6.36% $10 113 406 740 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 83.6% 21 $0.115421 1.40% 6.64% $10 107 809 147 TRX 7 days price change

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