“Bitcoin can regress up to $ 40 thousand”

Bitcoin (BTC) can drop to $ 40,000 if higher support levels do not work, according to a manager of the industry.

Speaking to Bloomberg on May 11, Pankaj Balani, CEO of digital asset derivatives exchange Delta Exchange, warned that the BTC / USD parity could fall further.

Other cryptocurrencies may also lose value

Bitcoin returned from the resistance that started around $ 59,500 on Tuesday and lost 5 percent of its value and fell to the $ 55,000 band.

Balani thinks that the last support for the bulls is at $ 50,000, and if it holds to this level, it may be possible to decline to $ 40,000.

The CEO added that in such a scenario all cryptocurrencies could lose value.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

Balani’s approach contradicts with data-based analytics, which offer a more positive outlook. According to Cointelegraph’s report dated May 10, the buying activity of whales creates support for the BTC / USD parity at $ 52,000.

On the other hand, the inability of Bitcoin to hold on to the larger support of $ 58,000 poses a question mark on whether it can hold on to $ 52,000.

According to another report, the support in the order book of the exchanges starts at 50 thousand dollars.

Altcoins are also in decline

Along with Bitcoin, the altcoin market slowed down on Tuesday. Ether (ETH), which broke a record after record in recent days, finally took a breath and fell to $ 3,700.

Ether, which recovered after the decline, is trading at around $ 4,000 as of the time of translation broadcast.

Check Also

These two data show that Bitcoin is ready to rise by 62 percent.

Bitcoin (BTC) price has been moving below $45,000 for 14 days and its current value …

Leave a Reply

Your email address will not be published. Required fields are marked *