Bitcoin Price Prediction For May: Crypto Analyst Predicts Breakdown To $42,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,487,723,780	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,487,723,780

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.330	0.33%	101.68	101.58	101.65

Price Change

Price Change %

Current Price

Bid Price

Offer

0.330

0.33%

101.68

101.58

101.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
103.66	100.75	101.04	101.35	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

103.66

100.75

101.04

101.35

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:08:32	3.44	101.68	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:08:32

3.44

101.68

USD

Price x Volume	Volume	Base Symbol	Related Pairs
336,408.56	3,293.62	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

336,408.56

3,293.62

Bitcoin Price Prediction For May: Crypto Analyst Predicts Breakdown To $42,000

30/04/2024 12:00am

NEWSBTC

Crypto analyst DonAlt has outlined a scenario where the Bitcoin price could drop to as low as the mid-$40,000. He further suggests that this price breakdown might be necessary for the continuation of BTC’s bull run. How Bitcoin Could Drop To As Low As $47,000 In an update to his Bitcoin analysis, DonAlt noted that Bitcoin had dropped back to around the $60,000 price range and could eventually break that support if it continues to be tested. From the accompanying chart he shared, the crypto analyst hinted that a price breakout below the $60,000 range would see Bitcoin drop to $52,000 or even further down to $47,000. Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here’s When Source: X Meanwhile, he added that this might be something even the bulls want, so there could be a washout below $60,000, which would shake off weak hands. DonAlt also seems to support a price breakout below the support area, as he shared his belief that there is currently complacency in the market. This is when crypto investors ignore the risks associated with Bitcoin, having seen price increases for an extended period. DonAlt said he would continue to hold this complacency belief until proven otherwise. For that to happen, he remarked that Bitcoin would need to reclaim $68,000 or drop below $60,000 and reclaim that support level again. Denis Baca, Head of Product at Zivoe Finance, also recently suggested that BTC could drop below $60,000 before it makes any parabolic move. This was a huge possibility, especially since Baca noted that the flagship crypto historically retests the support level of the 20-week SMA (small moving average) in May. He claimed this could cause Bitcoin to drop to $56,000. BTC Bulls Are Getting Overwhelmed By The Bears Bitcoin bulls look to be succumbing to the pressure from the bears. Crypto analyst Ali Martinez revealed in an X post that there has been a “noticeable dip in Bitcoin whale activity” since March 14. This suggests the current market downtrend could be diminishing their confidence, as these whales are always known to accumulate more during every price dip. Martinez added that a “surge in whale transactions could be the spark needed to boost” BTC’S price. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges Meanwhile, CryptoQuant’s Head of Research, Julio Moreno, recently noted that Bitcoin’s price has remained tepid due to the slowdown in demand. He alluded to the Spot Bitcoin ETFs, which have seen their demand decline this month. Like Martinez mentioned, Moreno stated that there needs to be a “demand growth” for Bitcoin to experience another rally. At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to data from CoinMarketCap. BTC price trending at $62,200 | Source: BTCUSD on Tradingview.com Featured image from Xataka, chart from Tradingview.com

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