Bitcoin

<a href="https://bitcoinist.com/crypto-pundit-predicts-price-surge-for-dogecoin/" rel="nofollow">Crypto analyst DonAlt</a> 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 <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">BTC’s bull run</a>. 
<h2 id="how-bitcoin-could-drop-to-as-low-as-47-000">How Bitcoin Could Drop To As Low As $47,000</h2> 
In an <a href="https://x.com/CryptoDonAlt/status/1784108294316937436" rel="nofollow">update</a> 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 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-fell-below-58000/#:~:text=What%20A%20Drop%20Below%20%2458%2C000,for%20the%20flagship%20crypto%20token.">price breakout below the $60,000 range</a> would see Bitcoin drop to $52,000 or even further down to $47,000.&nbsp; 
 <img loading="lazy" decoding="async" class="alignnone wp-image-605593" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin-price-prediction.png?w=460&amp;resize=607%2C281" alt="Bitcoin price prediction" width="607" height="281" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin-price-prediction.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin-price-prediction.png?w=460&amp;resize=607%2C281 460w" sizes="(max-width: 607px) 100vw, 607px" data-recalc-dims="1"> 
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 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-market-cycle-is-this-complacency-or-a-new-hope/">complacency</a> in the market.&nbsp; 
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 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">reclaim $68,000</a> or drop below $60,000 and reclaim that support level again.&nbsp; 
Denis Baca, Head of Product at Zivoe Finance, also <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000/">recently suggested</a> 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.&nbsp; 
<h2 id="btc-bulls-are-getting-overwhelmed-by-the-bears">BTC Bulls Are Getting Overwhelmed By The Bears</h2> 
Bitcoin bulls look to be succumbing to the pressure from the bears. <a href="https://bitcoinist.com/ali-martinez-reaffirms-cardano-ada-optimism-binance-coin-bnb-and-nuggetrush-nugx-poised-for-new-all-time-highs/" rel="nofollow">Crypto analyst Ali Martinez</a> revealed in an <a href="https://x.com/ali_charts/status/1784146303963840978" rel="nofollow">X post</a> that there has been a “noticeable dip in <a href="https://bitcoinist.com/bitcoin-whales-strong-despite-bearish-price-action/" rel="nofollow">Bitcoin whale activity</a>” since March 14. This suggests the current market downtrend could be diminishing their confidence, as these whales are <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-buying-spree/">always known to accumulate</a> more during every price dip. Martinez added that a “surge in whale transactions could be the spark needed to boost” BTC’S price. 
Meanwhile, <a href="https://bitcoinist.com/gbtc-not-behind-bitcoin-crash-cryptoquant-ceo-says/" rel="nofollow">CryptoQuant’s</a> Head of Research, Julio Moreno, recently noted that Bitcoin’s price has remained tepid due to the slowdown in demand. He alluded to the <a href="https://bitcoinist.com/spot-bitcoin-etf-noobs-panic-selling/" rel="nofollow">Spot Bitcoin ETFs</a>, which have seen their <a href="https://bitcoinist.com/demand-spot-bitcoin-etf-stagnates-4-straight-weeks/" rel="nofollow">demand decline</a> this month. Like Martinez mentioned, Moreno stated that there needs to be a “demand growth” for Bitcoin to experience another rally.&nbsp; 
At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/b5U3Qtvp/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

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

Table of Contents

NewsBTC

Other articles published on Apr 29, 2024

Poloniex WBTC depegs threatening Justin Sun’s empire

Justin Sun Doubts May Approval for Ethereum ETF

Akita Society Uses Blockchain to Protect Dog Breeds in Japan

2 Crypto To Buy To Complete $1M Portfolio In May

Tether makes $200M deal with Blackrock Neurotech: Report

Crypto Price Prediction 29/4: Will $BTC Correction Plunge Below $60k in May?

Join our free newsletter for daily crypto updates!