The cryptocurrency market has failed to keep up with the expectations of traders as the world’s first cryptocurrency couldn’t rise above $40,000 bringing down Ethereum and other altcoins.
This has resulted in a global market downfall of 0.81% over the last 24hrs trading at $1.73 trillion.
Bitcoin Price Action
This failed attempt by Bitcoin to hold its price above $40,000 suggests a sluggish momentum of the crypto market. It’s been more than a month now that the flagship currency is hovering between $37,000 and $40,000 level.
At the moment, BTC price is valued at $38,278 with a fall of 0.63% over the last 24hrs. If BTC/USD fails to hold the $38,000 price range, then the price could see a downfall to $32,000.
Bitcoin To Bottom At $32k!
Veteran trader, Peter Brandt took to Twitter saying that Bitcoin is now done with its bear cycle after the price fell below $38,000 in the early hours today. Now he expects the currency to test $32,000 in the near future.
Meanwhile, according to Chris Burniske, a market expert and placeholder VC partner, the first two largest cryptos by market cap, Bitcoin and Ethereum are dominating the stock market and this action will continue.
Also Read : February-April Bounce Was Just A Correction, A Larger Bearish Trend Awaits the Crypto Space!
Chris Burniske, put forth his thoughts via Twitter claiming that the crypto market has been managing quite well when in comparison with high-growth stocks. Though Bitcoin and Ethereum have declined around 40% the time of their ATH, most of the high-growth stocks have plunged by more than 60% and 80%
On the contrary, an on-chain data analytic firm, Santiment reports, reveals that traders’ trust in Bitcoin reclaiming the $40k level is diminishing. The profit/loss transactions of Bitcoin and Ethereum indicate a fall from 12.5 to 1 ratio of profit and loss transactions.
Hence, it looks that Bitcoin visiting below $32,000 is quite possible.
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Source: https://coinpedia.org/bitcoin/amidst-the-fomc-meeting-today-bitcoin-to-drop-at-32k/