Bitcoin
BTC$26 218.55

-0.02%

Ethereum
ETH$1 597.25

0.52%

Tether
USDT$0.999393

-0.02%

Binance Coin
BNB$212.39

0.21%

XRP
XRP$0.500834

-0.45%

USD Coin
USDC$1.000140

0.01%

Bitcoin will fall until the bulls capitulate


09 May 2022

#Bitcoin

Bitcoin is trading near $33.5K on Monday morning, declining for the fifth consecutive day. Over the past 24 hours, losses are 2.3%, and are approaching 14% over the past seven days. Ether loses 3.5% in 24 hours and 14.3% for the week, settling near $2450. Altcoins from the top ten are down between 0.8% (XRP) and 4.3% (Cardano).

Total crypto market capitalisation, according to CoinMarketCap, is down 2.3% overnight to $1.54 trillion. More worryingly, volumes are rising along with falling prices. This situation points to an increasingly rapid exit from cryptocurrencies, even though the process takes place without sharp dips. We see an orderly exit – a sure sign that downward sentiment may prevail.

The optimists, however, have something to hang on to. The Cryptocurrency Fear and Greed Index has collapsed to 11. Over the past year, the index has been at the current or lower level six times, and on each occasion, we have seen either consolidation or the start of a rally and a rebound.

Cryptocurrency Fear and Greed Index has collapsed to 11

In March 2020, when the index similarly reached single digits, we saw an influx of long-term buyers. The current extreme fear may attract buyers who have been waiting for extreme oversold conditions to buy cryptocurrencies long term.

However, we note that the amplitude of crypto market fluctuations does not resemble either a capitulation of enthusiasts or a wave of stop orders triggering. Typically, a trend reversal is preceded by a sharp increase in momentum with the eventual resignation of those who stood against the trend.

Bitcoin will fall until the bulls capitulate

In our case with Bitcoin, this could translate into a sharp acceleration of the sell-off after falling below $30K, all the way to the $23K or even the $20K area. It is only from this level that major long-term buyers can be expected to emerge.


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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 90.4% 4 $26 218.55 -0.02% -3.59% $511 196 515 031 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94.4% 6 $1 597.25 0.52% -1.97% $192 043 804 309 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999393 -0.02% -0.07% $83 216 323 348 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.6% 4 $212.39 0.21% -1.59% $32 675 571 293 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 91.6% 8 $0.500834 -0.45% -3.34% $26 667 020 059 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000140 0.01% 0% $25 526 084 558 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 85.6% 16 $0.085027 1.22% 0.41% $8 645 259 106 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 90% 10 $0.243860 -0.68% -4.34% $8 566 448 827 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 91.6% 6 $0.060530 -0.04% -2.87% $8 545 665 488 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 84.8% 23 $18.95 -1.50% -6.08% $7 822 537 875 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 85.6% 20 $0.085393 0.76% 0.94% $7 608 230 077 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 58.8% 86 $2.17 -0.32% -11.65% $7 436 545 214 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 91.2% 1 $0.998858 -0.10% -0.08% $5 341 779 536 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 85.2% 16 $4.00 -0.40% -2.74% $4 914 191 326 DOT 7 days price change

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