Bitcoin support wobbles amid warning BTC price could hit $40K next
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 | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 66.4% | 75 | $17 101.84 | 1.27% | 3.22% | $328 724 568 377 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 64.4% | 73 | $1 282.48 | 1.20% | 7.27% | $156 941 554 038 |  |
|
| 3 |  USDT |
Tether predictions | 95.2% | 1 | $0.999994 | 0.01% | 0.06% | $65 362 262 254 |  |
|
| 4 |  BNB |
Binance Coin predictions | 67.6% | 64 | $300.71 | 0.02% | 1.05% | $48 104 579 847 |  |
|
| 5 |  USDC |
USD Coin predictions | 91.2% | 1 | $1.000052 | 0% | -0.02% | $43 253 658 738 |  |
|
| 6 |  BUSD |
Binance USD predictions | 90.8% | 1 | $0.999988 | 0.02% | -0.05% | $22 215 099 814 |  |
|
| 7 |  XRP |
XRP predictions | 71.2% | 57 | $0.400600 | -0.02% | 5.84% | $20 146 176 780 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 57.6% | 87 | $0.103941 | -1.14% | 28.28% | $13 789 995 776 |  |
|
| 9 |  ADA |
Cardano predictions | 64.8% | 74 | $0.317564 | 0.81% | 1.23% | $10 939 028 805 |  |
|
| 10 |  STETH |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  MATIC |
Polygon predictions | 68.4% | 71 | $0.922059 | 5.79% | 8.50% | $8 053 552 200 |  |
|
| 12 |  DOT |
Polkadot predictions | 67.2% | 66 | $5.39 | -0.32% | -0.04% | $6 174 239 885 |  |
|
| 13 |  DAI |
Dai predictions | 93.6% | 1 | $0.999969 | -0.03% | -0.02% | $5 653 257 262 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 66.4% | 63 | $0.054684 | 1.55% | 5.62% | $5 560 018 768 |  |
|
| 15 |  LTC |
Litecoin predictions | 64.4% | 78 | $77.31 | -1.46% | -0.52% | $5 545 390 448 |  |
