Bitcoin
BTC$22 734.84

-4.21%

Ethereum
ETH$1 551.77

-5.32%

Tether
USDT$1.000115

-0.01%

Binance Coin
BNB$304.94

-4.03%

USD Coin
USDC$1.000034

0%

XRP
XRP$0.394979

-4.53%

Is $40K Bitcoin the new $10K Bitcoin?


30 Sep 2021

#Bitcoin

An unexpected problem causes Bitfinex to temporarily shut down, with Bitcoin price action undoing gains in the process. Bitcoin (BTC) erased overnight gains on Sept. 30 as sudden problems at major exchange Bitfinex caused a mass outage. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing the $43,000 level following the news after hitting local highs above $43,800 on Bitstamp. With the source of the issue unknown at the time of writing, traders were left in the dark as an already sensitive crypto market fell back toward established support.

“We are investigating issues with the platform and have to temporarily halt trading,” Bitfinex wrote as part of its latest service update.

Tuesday had seen fellow exchange Binance, the largest by volume in the world, suspend trading for two hours as part of scheduled maintenance, this having no significant impact on BTC price action. With Thursday already set to be a charged day, however, Bitcoin looked set to close out September almost exactly at its predicted “worst-case scenario” price of $43,000. In so doing, the largest cryptocurrency would once again validate predictions made by stock-to-flow model creator PlanB, who also correctly estimated the August close of $47,000.

Fellow trader and analyst Rekt Capital, meanwhile, reiterated the need for BTC/USD to reclaim its 21-week exponential moving average level (EMA) by the end of Sunday to preserve overall bullish momentum.

Market mimics $10,000 BTC from September 2020

Meanwhile, the overall character of the Bitcoin market was still far from bearish for most. Despite lackluster price action, the odds remain for a dramatic return to form in the coming weeks and months, with comparisons to the same period in 2020. The latest was from Cole Garner, who noted that the large block of buyer support just below $40,000 was reminiscent of the order book setups when BTC/USD was at $10,000 in September last year. 

This week also saw long-time pundit Bobby Lee predict not only $100,000 in the mid-term but as much as $200,000 or more for Bitcoin in a new “FOMO rally.”


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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 60.4% 84 $22 734.84 -4.21% -0.77% $438 267 091 241 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 84 $1 551.77 -5.32% -4.66% $189 896 701 242 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000115 -0.01% 0% $67 783 850 064 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 66 $304.94 -4.03% -0.33% $48 150 478 523 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000034 0% -0.02% $42 771 015 068 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 65.6% 68 $0.394979 -4.53% -7.82% $20 066 373 720 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000427 0.05% -0.04% $15 382 568 581 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 62.8% 76 $0.370680 -6.12% -1.21% $12 823 171 668 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 64.4% 68 $0.087241 -2.94% -1.17% $11 574 368 244 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 63.6% 77 $1.076001 -8.14% 8.30% $9 398 132 735 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 54.8% 91 $23.57 -9.85% -2.79% $8 759 130 586 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 58.4% 85 $6.13 -7.28% -8.05% $7 066 700 928 DOT 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 69.2% 63 $89.89 -6.90% 0.09% $6 487 767 280 LTC 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 60% 81 $20.08 -3.59% 13.31% $6 320 011 339 AVAX 7 days price change

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