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BTC$19 236.88

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Ethereum
ETH$1 059.24

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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 55.6% 93 $19 236.88 -5.33% -9.25% $367 090 492 088 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58% 92 $1 059.24 -3.42% -13.06% $128 563 665 077 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.998865 0% -0.05% $66 157 064 752 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000234 0.01% 0.03% $55 815 657 567 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 83 $216.73 -2.86% -9.97% $35 387 165 689 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000172 0.02% -0.17% $17 550 239 765 BUSD 7 days price change
7 Cardano (ADA) ADA Cardano predictions 64.4% 77 $0.449900 -3.96% -9.87% $15 185 277 669 ADA 7 days price change
8 XRP (XRP) XRP XRP predictions 64% 69 $0.312767 -5.50% -14.94% $15 120 122 249 XRP 7 days price change
9 Solana (SOL) SOL Solana predictions 61.6% 76 $33.02 -4.65% -21.18% $11 334 306 442 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64% 71 $0.066321 -1.46% -0.89% $8 798 825 338 DOGE 7 days price change
11 Dai (DAI) DAI Dai predictions 93.2% 1 $1.000044 -0.04% -0.01% $6 861 151 864 DAI 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66.8% 67 $6.73 -5.75% -17.74% $6 645 769 652 DOT 7 days price change
13 TRON (TRX) TRX TRON predictions 59.6% 88 $0.064983 -1.34% -1.30% $6 010 279 687 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.8% 66 $0.000010 -4.45% -8.36% $5 490 728 757 SHIB 7 days price change
15 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 67.2% 60 $5.75 -0.48% -1.42% $5 488 104 289 LEO 7 days price change

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