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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 82.8% | 35 | $43 122.17 | 0.96% | -10.21% | $811 845 197 142 | $32 979 366 396 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72.8% | 49 | $2 962.21 | 0.70% | -13.01% | $348 594 526 258 | $21 804 823 841 | |
| 3 |  ADA |
Cardano predictions | 62% | 80 | $2.26 | -3.91% | -4.61% | $72 247 803 034 | $5 934 309 942 | |
| 4 |  USDT |
Tether predictions | 90.8% | 1 | $1.000745 | -0.03% | 0.18% | $68 594 041 542 | $78 531 944 846 | |
| 5 |  BNB |
Binance Coin predictions | 67.6% | 69 | $340.66 | -3.81% | -16.81% | $57 277 129 248 | $1 824 922 046 | |
| 6 |  XRP |
XRP predictions | 74.8% | 52 | $0.936744 | -0.87% | -12.84% | $43 762 466 306 | $3 480 602 653 | |
| 7 |  SOL |
Solana predictions | 67.2% | 73 | $133.73 | -5.17% | -16.25% | $39 755 230 580 | $2 355 486 237 | |
| 8 |  USDC |
USD Coin predictions | 92.8% | 1 | $1.000354 | -0.02% | 0.15% | $30 960 831 356 | $3 856 410 295 | |
| 9 |  DOT |
Polkadot predictions | 67.2% | 69 | $28.93 | -5.79% | -14.59% | $28 569 978 013 | $2 497 931 662 | |
| 10 |  DOGE |
Dogecoin predictions | 65.2% | 77 | $0.203541 | -2.93% | -14.83% | $26 754 819 985 | $1 484 621 745 | |
| 11 |  AVAX |
Avalanche predictions | 61.6% | 87 | $67.70 | -4.70% | -6.71% | $14 914 226 366 | $1 215 382 304 | |
| 12 |  LUNA |
Terra predictions | 68% | 59 | $36.55 | -4.62% | 2.04% | $14 617 138 870 | $1 673 809 615 | |
| 13 |  UNI |
UniSwap predictions | 66% | 74 | $22.46 | 14.19% | -8.01% | $13 735 517 239 | $963 138 296 | |
| 14 |  BUSD |
Binance USD predictions | 92.8% | 1 | $1.000428 | -0.01% | 0.16% | $13 695 184 249 | $5 414 111 970 | |
| 15 |  LINK |
Chainlink predictions | 65.6% | 70 | $24.43 | 6.38% | -13.70% | $11 115 873 690 | $1 892 923 557 |
