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.
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.