Bitcoin
BTC$30 326.91

1.12%

Ethereum
ETH$2 076.58

2.21%

Tether
USDT$0.999001

0.01%

USD Coin
USDC$1.000230

-0.02%

Binance Coin
BNB$304.44

2.05%

XRP
XRP$0.435585

2.31%

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.


Related

Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel
Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?
Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin stabilised but has trouble to reverse strongly
The culmination of the battle for the trend in Bitcoin
The culmination of the battle for the trend in Bitcoin
Bitcoin undecided on a scenario for May
Bitcoin undecided on a scenario for May
Bitcoin: How the $1 million rally begins
Bitcoin: How the $1 million rally begins
Bitcoin's last hope for $38K
Bitcoin's last hope for $38K
Bitcoin slips to the lows of the year
Bitcoin slips to the lows of the year

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 65.6% 74 $30 326.91 1.12% -1.69% $577 507 167 326 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 66.4% 75 $2 076.58 2.21% -10.32% $250 891 465 462 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999001 0.01% -0.08% $75 676 462 108 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000230 -0.02% -0.04% $52 257 987 348 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 71 $304.44 2.05% -3.10% $49 708 837 503 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 66.8% 66 $0.435585 2.31% -13.81% $21 057 536 595 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 68.8% 66 $0.575630 2.12% -8.16% $19 421 209 986 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 63.2% 76 $56.43 3.88% -13.30% $19 038 552 817 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.002005 0.22% 0.35% $18 231 060 479 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.4% 73 $0.089988 2.40% -16.42% $11 938 784 018 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 67.2% 74 $11.01 1.97% -0.91% $10 874 092 462 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66.4% 75 $34.13 2.44% -22.27% $9 183 931 187 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 67.2% 74 $30 349.83 1.15% -1.21% $8 599 743 334 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 71.6% 60 $0.072402 4.12% -4.60% $7 070 299 328 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 75 $0.000013 4.03% -21.64% $6 883 934 346 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.