Black Thursday All Over Again? Analyst Explains Bitcoin Could Drop to $30,000

2021-5-20 18:34

Bitcoin has been trending down for five days now. Another piece of bad news came Wednesday, as the People’s Bank of China said digital tokens can’t be used as a form of payment. After the announcement, both BTC and ETH saw a 5% drop. 

The price of bitcoin has already dropped over 35% from $56,000 to $41,000. This is one of the fastest top-to-bottom retracements the cryptocurrency has seen in the past year and is reminiscent of the March 2020 crash that saw it lose over 50% of its value.

On CNBC, ‘Chartmaster’ Carter Worth said that BTC could drop to $29,000. According to Worth, there have been 11 over 35% corrections in the history of the cryptocurrency and 55% drops usually followed those. If history repeats itself, we could see the price of BTC test the $29,000 support. 

Another bearish sign is the inflows spike of Bitcoin moving to Binance. In its weekly note, Glassnode explained that the increased inflows could indicate new market entrants are panic-selling their coins and that investors are rotating into other cryptocurrencies. 

Peter Brandt, a popular analyst that predicted the 2018 bear market bottom, tweeted that Bitcoin’s recent price moves are showing a structure similar to those seen in 2018. 

https://twitter.com/PeterLBrandt/status/1394847065599926277

The panic sell-off could largely be attributed to Tesla CEO Elon Musk, who announced that Tesla would stop accepting Bitcoin as a payment method over environmental concerns. However, many analysts and researchers have pointed out that Bitcoin mining consumes less energy than traditional banking. Musk’s changed stance towards bitcoin, combined with a pandemic-induced economic setback, is causing fear among investors. 

How to Profit When BTC’s Price Drops

Bitcoin could risk dropping further in the near term, and many investors are starting to sell their coins. However, selling is not the only option in a downward market. With futures trading, traders can earn a profit by shorting cryptoassets. 

Let’s see how we can benefit from bitcoin’s price drop:

Assume we use 1 BTC to open a short position when bitcoin was trading at $11,000. Please note that with 100x leverage, 1 BTC is enough to open a position worth 100 BTC. 

One day later, the price of bitcoin drops to $10,500. The profit would be ($11,000 – $10,500) * 100 BTC/$10,500 *100% = 4.76 BTC, making the ROI 476%.

Then the price of bitcoin gets hit again and drops to $10,000. The profit would be ($11,000 – $10,000) * 100 BTC/$10,000 *100% = 10 BTC, making the ROI 1000%.

Bexplus is a leading crypto derivatives platform offering 100x leverage in BTC, ETH, EOS, LTC, and XRP futures contracts. No KYC, no deposit fee, and traders can receive the most attentive services, including 24/7 customer support.

Demo account with 10 BTC

Bexplus is one of the few exchanges offering a free demo account, which puts you through its rules and trading widgets. Inside the demo account are 10 BTC for traders to practice and try out strategies as much as they like. 

BTC Wallet: up to 21% Annualized Interest Without Any Risks

Bexplus users can gain profits not only from trading. Join the Bexplus wallet to earn up to 21% annualized interest without taking risks. You can withdraw the funds from the wallet anytime you want without paying penalties. 

Trade Freely on Android & iOS

The top-ranking Bexplus app integrates all the necessary functions and tools (real-time charts, various indicators, news alerts etc.) while keeping a minimalist and intuitive interface. With the Bexplus app, you can manage your account anywhere and anytime you want. Furthermore, the 24/7 notification system keeps you updated on big price movements, making it easier to secure your positions.

100% Deposit Bonuses

Deposit BTC in Bexplus and you can earn a 100% BTC bonus, which can also be used to trade futures contracts. Plus, more margin reduces the likelihood of forced liquidation. The more you deposit, the more bonus you will get. Up to 10 BTC is available for each deposit. 

A successful trader always diversifies his/her strategies and adapts to the market changes. Bexplus offers you infinite profit-earning opportunities. 

Don’t hesitate to join Bexplus and claim your bonuses!

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Bitcoin (BTC) на Currencies.ru

$ 67575.31 (-0.48%)
Объем 24H $15.472b
Изменеия 24h: -0.19 %, 7d: -1.66 %
Cегодня L: $67390.1 - H: $68322.67
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drop bitcoin china tokens said digital wednesday

Источник: bitcoinist.com

drop bitcoin → Результатов: 126


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While some of the ongoing rumours can neither be confirmed or denied, it is being reported all over the internet that the recent drop in Bitcoin’s native hashrate has forced a large number of crypto mining rigs within China to be turned off— primarily because this business avenue no longer seems to be profitable. According […]

2018-11-23 03:35


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Bitcoin Expert Warns Of A Looming Drop

Yesterday, the price of Bitcoin dropped below the $6,500 mark as it fell below a key price point. According to this crypto expert, this is a sign that there is a looming drop round the corner for the crypto… Despite only a small drop, the price of Bitcoin fell below a crucial price point which is known as a ‘horizontal support’ which could very well be a sign that a significant drop is going to happen.

2018-10-4 13:00


Фото:

Bitcoin Price Drop Caused by Futures Expiration, Tom Lee Says

Thomas Lee, Co-founder and head of research at Fundstrat Global Advisors, ties the recent decline in Bitcoin (BTC) price with the expiration of Bitcoin futures. Tom Lee Blames Futures Expiration Among Other Factors In an interview for Bloomberg, Tom Lee explained that the weakness in the market’s first and foremost cryptocurrency was the result of futures contracts expiring.

2018-6-15 16:00


Bitcoin Price Drop To $3200 Would Still Continue Uptrend, Fundstrat Confirms

The price of Bitcoin may be heading down to $3200, new research has warned — as the first and foremost cryptocurrency fails to find support at its April lows of $6450. The Bigger Picture In a detailed transaction analysis released June 13, Fundstrat Global Advisors concluded that — due to the lack of support — BTC/USD could hit February’s $6900 low before rebounding and subsequently falling further to somewhere between $5000 and $5500.

2018-6-14 13:00


Bitcoin Rebound Not Likely in the Short-Term, Analysts Eye $7,777 to Signal Uptrend

According to experts at Fundstrat, the price drop of Bitcoin to below $7,000, a two-month low, indicates that the coin will have a difficult time recovering in the short-term. Bitcoin Uptrend Coming Robert Sluymer, technical strategist at Fundstrat Global Advisors believes that $7,777 is the key level Bitcoin will have to reach to signal an.

2018-6-12 01:00


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