Bitcoin
BTC$17 101.84

1.27%

Ethereum
ETH$1 282.48

1.20%

Tether
USDT$0.999994

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

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