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Ethereum
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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 69.2% 55 $42 638.72 -1.51% 4.41% $807 243 389 030 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 67 $3 256.70 -2.76% 7.85% $388 191 403 166 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 55 $472.81 -5.35% 12.55% $78 864 524 384 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000273 -0.01% 0.02% $78 421 002 783 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 72.8% 51 $1.52 7.70% 35.16% $51 076 939 560 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999934 -0.01% 0% $45 406 392 117 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 62% 78 $143.41 -5.39% 7.22% $45 053 299 330 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 73.2% 58 $0.763343 -2.02% 4.70% $36 383 303 359 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.4% 59 $81.65 -5.36% 18.96% $29 236 557 736 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 74.4% 53 $26.43 -5.41% 12.61% $26 102 662 712 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 46 $0.169529 -4.73% 18.09% $22 491 504 380 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 76 $88.98 -5.79% 5.60% $21 741 645 322 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 74% 54 $2.32 -0.44% 16.00% $16 960 038 549 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 72.8% 59 $0.000029 -4.37% 8.49% $16 022 900 829 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.999468 -0.11% -0.14% $14 439 514 995 BUSD 7 days price change

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