Brandt stated in a tweet that Bitcoin has completed a bearish course, plunging below the $38K level in the last 24 hours. He anticipates a $32,000 test in the near future. However, his estimate of $28,000 is more concerning for Bitcoin.<\/p>\n
Additionally, on-chain data does not bode well for bitcoin, as profit transactions have surged. This indicates that profit booking may be occurring at higher levels.<\/p>\n
Analysts Remain Upbeat On Bitcoin, Despite Jitters<\/h2>\n
Despite persistent concerns about the cryptocurrency market’s significant correlation with equities, analysts remain bullish on crypto.<\/p>\n
According to market expert and Placeholder VC partner Chris Burniske, Bitcoin and Ethereum have dominated the stock market for years and will continue to do so.<\/p>\n
Burniske said in a tweet that the cryptocurrency market had “held up quite well” in comparison to high-growth stocks. While BTC and ETH have lost roughly 40% from their all-time highs, several high-growth stocks have fallen between 60% and 80%.<\/p>\n
<\/p>\n
BTC total market cap at $731.78 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\nAccording to on-chain data from analytics platform Santiment, traders’ confidence in BTC reclaiming its $40k level appears to be ebbing. The BTC and ETH Ratio of Profit\/Loss Transactions data suggests a staggering 12.5 to 1 ratio of profit transactions to loss transactions.<\/p>\n
Thus, the likelihood of BTC sliding below $32K appears to be high as trust continues to dwindle and whale purchases stay low.<\/p>\n
Suggested Reading | Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto<\/a><\/em><\/strong><\/p>\n
BTC At $48K This May<\/h2>\n
Meanwhile, while no asset’s future performance can be predicted, Alex Kuptsikevich, senior market analyst at FxPro, forecasts Bitcoin will trade between $32,000 and $48,000 by the end of this month.<\/p>\n
“May is regarded a relative success for BTC in terms of seasonality. Bitcoin has concluded the month up seven times and down four times during the last 11 years,” Kuptsikevich .<\/p>\n
Kuptsikevich stated that he made this projection based on the cryptocurrency’s average gain of 27% and average loss of 16% in May, for a total gain of roughly 11%.<\/p>\n
As of Tuesday evening, Bitcoin was trading at approximately $38,528 per coin, CoinGecko data show.<\/p>\n
Featured image from Pixabay, chart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"The price of Bitcoin (BTC) has failed to break through the $40,000 barrier, indicating that confidence in the cryptocurrency market remains sluggish. BTC has been declining for more than a month. If it falls below $38K, it could fall all the way to $32K. While the crypto market is now bearish, another crash is improbable, at least until the FOMC meeting concludes. Traders’ enthusiasm in the cryptocurrency market continues to erode as a result of the market’s prolonged fall and geopolitical uncertainty. Veteran trader Peter Brandt anticipates a test of the Bitcoin (BTC) price below $32,000. Suggested Reading | Will Bitcoin Shoot Over $40,000 \u2014 Or Drop To $35,000? Brandt stated in a tweet that Bitcoin has completed a bearish course, plunging below the $38K level in the last 24 hours. He anticipates a $32,000 test in the near future. However, his estimate of $28,000 is more concerning for Bitcoin. Additionally, on-chain data does not bode well for bitcoin, as profit transactions have surged. This indicates that profit booking may be occurring at higher levels. Analysts Remain Upbeat On Bitcoin, Despite Jitters Despite persistent concerns about the cryptocurrency market’s significant correlation with equities, analysts remain bullish on crypto. According to market expert and Placeholder VC partner Chris Burniske, Bitcoin and Ethereum have dominated the stock market for years and will continue to do so. Burniske said in a tweet that the cryptocurrency market had “held up quite well” in comparison to high-growth stocks. While BTC and ETH have lost roughly 40% from their all-time highs, several high-growth stocks have fallen between 60% and 80%. BTC total market cap at $731.78 billion on the daily chart | Source: TradingView.com According to on-chain data from analytics platform Santiment, traders’ confidence in BTC reclaiming its $40k level appears to be ebbing. The BTC and ETH Ratio of Profit\/Loss Transactions data suggests a staggering 12.5 to 1 ratio of profit transactions to loss transactions. Thus, the likelihood of BTC sliding below $32K appears to be high as trust continues to dwindle and whale purchases stay low. Suggested Reading | Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto BTC At $48K This May Meanwhile, while no asset’s future performance can be predicted, Alex Kuptsikevich, senior market analyst at FxPro, forecasts Bitcoin will trade between $32,000 and $48,000 by the end of this month. “May is regarded a relative success for BTC in terms of seasonality. Bitcoin has concluded the month up seven times and down four times during the last 11 years,” Kuptsikevich . Kuptsikevich stated that he made this projection based on the cryptocurrency’s average gain of 27% and average loss of 16% in May, for a total gain of roughly 11%. As of Tuesday evening, Bitcoin was trading at approximately $38,528 per coin, CoinGecko data show. Featured image from Pixabay, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":489625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664,1742],"class_list":["post-489624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-digital-currency"],"acf":[],"yoast_head":"\n
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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Seen Dropping To $32K – But Not This Month – As Analyst Sees It Hitting $48K","url":"http:\/\/uniquehot.com\/news\/bitcoin-seen-dropping-to-32k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-seen-dropping-to-32k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/05\/Bitcoin-3.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/05\/Bitcoin-3.png?fit=1121%2C733"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","digital currency"],"dateCreated":"2022-05-04T04:46:56Z","datePublished":"2022-05-04T04:46:56Z","dateModified":"2022-05-04T04:46:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Seen Dropping To $32K – But Not This Month – As Analyst Sees It Hitting $48K\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-seen-dropping-to-32k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-seen-dropping-to-32k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/Bitcoin-3.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/Bitcoin-3.png?fit=1121%2C733\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"digital currency\"],\"dateCreated\":\"2022-05-04T04:46:56Z\",\"datePublished\":\"2022-05-04T04:46:56Z\",\"dateModified\":\"2022-05-04T04:46:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/05\/Bitcoin-3.png?fit=1121%2C733","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/489624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=489624"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/489624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/489625"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=489624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=489624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=489624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}