Bitcoin Price Potential to Drop in the $32k Area

[btc_angela]

$32k-$30k is still a possibility since that's where the current higher low from the 2021 bull run and I think it's still a good catch. By the way, the image you shared doesn't tell much and can't be called an analysis since it's just the present chart. I think it should have been nice to read the analysis of yours OP, besides not all traders rely on shorter timeframe.

Yes, and we should always think that it is possible, $30k-$32k might look very bad though for some of us. But as you have said, it will be a good catch because the price will be very cheap as it is 50% of the last all time high price.

But we will have to wait and see then, prices of crypto has somewhat been on the rise in the last 48 hours and seems to be getting into the $40k again.

[rhomelmabini]

$32k-$30k is still a possibility since that's where the current higher low from the 2021 bull run and I think it's still a good catch. By the way, the image you shared doesn't tell much and can't be called an analysis since it's just the present chart. I think it should have been nice to read the analysis of yours OP, besides not all traders rely on shorter timeframe.

Yes, and we should always think that it is possible, $30k-$32k might look very bad though for some of us. But as you have said, it will be a good catch because the price will be very cheap as it is 50% of the last all time high price.

But we will have to wait and see then, prices of crypto has somewhat been on the rise in the last 48 hours and seems to be getting into the $40k again.

It's more than 50% from the last all time high and it's more than a good catch from a sideways movements market. The DXY chart doesn't look good I guess after reaching the 20 year high, and the Fed just ruled out a bigger rate hike and Bitcoin goes on ahead even the FOMC meeting hasn't ended yet. Not to be celebrated but I think it's a looming point for good thing to come in crypto.

[gabbie2010]

$32k-$30k is still a possibility since that's where the current higher low from the 2021 bull run and I think it's still a good catch. By the way, the image you shared doesn't tell much and can't be called an analysis since it's just the present chart. I think it should have been nice to read the analysis of yours OP, besides not all traders rely on shorter timeframe.

Yes, and we should always think that it is possible, $30k-$32k might look very bad though for some of us. But as you have said, it will be a good catch because the price will be very cheap as it is 50% of the last all time high price.

But we will have to wait and see then, prices of crypto has somewhat been on the rise in the last 48 hours and seems to be getting into the $40k again.

The price of bitcoin couldn't break the resistance at $40K after some Bullish rally yesterday unfortunately it was a bull trap, the price has dumped massively now and broke the strong support at $37600 down to $36500, that means bearish season is on, it's likely the price will drop down to $32K, if eventually the Price Action played out based on Technical Analysis with further drop in price, a big opportunity to buy low and start accumulating, it's like the Bullish season is not at sight now and it's very unpredictable invariably the best bet is buy low for now.

[ethereumhunter]

Hopefully, the bitcoin price doesn't drop to $32k this time but instead can stay at the current price level and reverse towards a higher price. Bitcoin has been down many times, and this time, it will experience a sharp decline again or will this be the last time the bitcoin price has experienced a correction. But if you look at the price movement through the chart, the current price trend is likely to continue to decline but we don't know to what extent the price will go down.

[ShowOff]

Today, I don't know what is the reason the bitcoin price is experiencing such a rapid correction where in just the last 5 hours the bitcoin price has lost more than $3K. Granted this isn't the first time bitcoin has had a major correction, but it has happened several times in the last 7 days since May. In my opinion, if corrections like this happen often enough throughout May then it's not impossible that the bitcoin price will fall even deeper which could break $30K below. I didn't expect that, but we know it's always possible.

Hopefully, the bitcoin price doesn't drop to $32k this time but instead can stay at the current price level and reverse towards a higher price.

It really depends on the trader and investor. If they want to keep the price above $35K then panic selling will not happen again and they will start doing something by increasing demand again.

[Jating]

Today, I don't know what is the reason the bitcoin price is experiencing such a rapid correction where in just the last 5 hours the bitcoin price has lost more than $3K. Granted this isn't the first time bitcoin has had a major correction, but it has happened several times in the last 7 days since May. In my opinion, if corrections like this happen often enough throughout May then it's not impossible that the bitcoin price will fall even deeper which could break $30K below. I didn't expect that, but we know it's always possible.

Hopefully, the bitcoin price doesn't drop to $32k this time but instead can stay at the current price level and reverse towards a higher price.

It really depends on the trader and investor. If they want to keep the price above $35K then panic selling will not happen again and they will start doing something by increasing demand again.

Yeah, I was surprised as well, but this is bitcoin movement, hard to predict, when we thought that we are not going to this price area of $32k, the price goes down again without any reason.

We even celebrate halfway to the bitcoin halving with record numbers as far as hash rate goes, but it is not enough to push the price today, on the contrary it's a -10% for us.

[teosanru]

The cryptocurrency market has failed to live up to traders' expectations as the bitcoin price is still struggling to get back above $40k. Bitcoin's attempt to hold its price above $40k indicates the sluggish momentum of the crypto market. For almost a month now the bitcoin price is between $37k-$39k. Currently, the price of Bitcoin is trading at around $38k. If bitcoin fails to maintain its $38k price range, it could drop to $32k in the near term.

Pretty accurate I'll have to agree, on 4th may Bitcoin did look weak but not as if it would break the 37000 area but today it eventually did and from the looks of it I don't see any support in between now and 32k so 32k is imminent, probably it might give a bounce back till 40k after touching 32k which will sort of cool off the RSI before going down even further. What are you views for next few weeks?

[Baofeng]

We've been catch by a bull trap, and because of news of Fed rate hike. Nasdaq and S&P are down but not as high as crypto market though.

So it's really hard to go against the trend right now, the world is on gloom because of the war and then what is going on in the US market.

[_BlackStar]

For some reason when I see bitcoin's price drop, my mind immediately goes to this thread which I previously skipped because I'm sure $32K isn't going anywhere anytime soon. But now this potential comes to my mind as the bitcoin price has fallen by more than 8% in the last 24 hours. But I wouldn't worry too much about this correction because actually I'm still very confident the price will improve and will probably surpass $40K again during the month of May.

Now we're just not sure about the timing ^{[when and at what]} because if the dump potential exists why don't we believe about the pump potential.

[justdimin]

It's more than 50% from the last all time high and it's more than a good catch from a sideways movements market. The DXY chart doesn't look good I guess after reaching the 20 year high, and the Fed just ruled out a bigger rate hike and Bitcoin goes on ahead even the FOMC meeting hasn't ended yet. Not to be celebrated but I think it's a looming point for good thing to come in crypto.

Remember last September? The price bottomed at slightly under 30k, it wasn't too low, I guess something around like 29.8k or something, and then during October it reached 68k and broke the ATH record.

So, never really feel like you are hopeless, it should never be that way for any of us. I believe that we should be trusting the situation a lot more and even if we are at a low level, we should be focusing a bit more on what the future could bring and that would allow us to do a lot better. This is exactly what we should be worried about in the FED results, because bitcoin shouldn't be moving like this because of rate increase, but I guess we have to learn to live with it.

[Fundamentals Of]

The price has actually fell from the $38,000 range for the past few days. Even yesterday itself, the price has touched the $37,000 range but thankfully it has not continued to go down even more. So this might not be true at all. The range should be wider. Because, on the other side, it is also not true that once Bitcoin's price break $39,000, it will create the momentum to go up even further. We have seen Bitcoin breaching $40,000 a number of times in the past weeks and it didn't gain enough momentum. The movement is still generally sideward.

Yes, it has some rally mid week but we are not sure if this can gain momentum as we are going to enter weekends anyway. But for those, they are glad to see the price bouncing back to $39k levels.

But as far as dropping to $32k, I'm will not be surprised at all as we are in a bear market and it can happen in a blink of an eye. And it's better to have this kind of mindset, instead of expectations that the price will go up this year.

The price is already hitting $36,000. And it seems it has also slowly losing hold of the price. It might do down to $35,000 any minute from now. This is still the times of the bear. There was a slow growth seen in the past couple of days which pushed Bitcoin's price up at $39,000. But it failed to gain even a little momentum to somehow sustain the slow rise up to $40,000. It was easily cut by the bears and the weak rise was quickly replaced with a big fall. All the gains were wiped out in minutes.

[Farma]

$32k-$30k is still a possibility since that's where the current higher low from the 2021 bull run and I think it's still a good catch. By the way, the image you shared doesn't tell much and can't be called an analysis since it's just the present chart. I think it should have been nice to read the analysis of yours OP, besides not all traders rely on shorter timeframe.

well, for now the price of bitcoin tends to go down to the price of $ 32k to $ 34k, even I think the price is still very vulnerable. currently, depending on what information will appear, the price of bitcoin seems to be falling at any time.
however, the bitcoin price previously had a low in the $37k range before rising to a high of $39k. however, after some pretty bad information, the bitcoin price dropped from $39k to a $36k price range in no time, and the potential for a drop is still there. if we look at the development of the lowest price a few days ago, the current price decline is not too far from $37k to $36k. however, if we look at the recent price increases, this decline is quite deep.
the potential for price drops could occur at any time, and currently many predict the lowest prices are $34k, $32k, and $30k. Other speculations may arise when the bitcoin price has reached the lowest prediction.

[ethereumhunter]

Hopefully, the bitcoin price doesn't drop to $32k this time but instead can stay at the current price level and reverse towards a higher price.

It really depends on the trader and investor. If they want to keep the price above $35K then panic selling will not happen again and they will start doing something by increasing demand again.

It looks like traders and investors have started to panic because the price broke through $35k and this triggered other coins to go down as well. We don't know when it will stop and reverse but it looks like we can only enjoy this moment while looking for an opening to enter the market if we want to buy at a low price. But it seems that just seeing the price move is a good solution because the price doesn't look stable at the moment.

[Joshapat]

Today's heavy test for us because the price of dropped 10%, of course, many investors are shocked and panic so that they immediately sell Bitcoin even though in a loss position, although a lot of speculation that the price will continue to fall but I am optimistic tomorrow or the day after tomorrow will return to $ 40k as it It happened several times in the present year.

[Natalim]

I'd just look into the market trend last week's time frame, it is clear to see that the market price even going worse at this time. I wasn't going to believe in that downfall strength but somehow, the price seems it declining more after a short recovery. I hope this could be changed this weekend as we expect slow market movement during the weekend but a little bit worried about how it looks like next week. As per to say the weekly trend of the market, prices went down deeper every week. That $32k is not impossible, it is better to anticipate it before it comes and prepare to buy more Bitcoin.

[Taskford]

Today's heavy test for us because the price of dropped 10%, of course, many investors are shocked and panic so that they immediately sell Bitcoin even though in a loss position, although a lot of speculation that the price will continue to fall but I am optimistic tomorrow or the day after tomorrow will return to $ 40k as it It happened several times in the present year.

For many times we see this scenarios happen for sure not everyone are in shock for seeing this. Maybe some other preparing on their positions because bearish market condition is somehow the ideal time for traders to accumulate some bitcoins to trade. Price might fall but I will not get surprised if the recovery will happen since this is what bitcoin goes after the price of it dumps.

[Reid]

I can say I was shocked yesterday. From $39k a piece to 35k in just a matter of hours. That gave me the chills and thought about what happened. Who sold their coins? A lot of coins in hours difference.
I don't doubt Bitcoin to be back at $40k but that kind of movement scares the living shit out of me. There must be some explanation about what happened because I was kind of used to slow dumps these days.
Whoever sold it has way amount of BTC to shake the market.

[wxa7115]

This should only be a warning for traders, those that are using high leverage, it is not a warning for holders.

Have you seen analysts with wrong predictions? That what they all are unless their prediction is based on years which we all know to be bull run.

Even if the price fall below $30000, I am only waiting for a time to invest more, but if it does not fall below, I am still good with the bitcoin investment I have.

I have to say this, do not believe in analysts, they are not always right, even if their prediction is correct, not that they are right, the price can go other way.

This is the best approach, a long term holder does not really need to worry about the possibility of a drop and instead they can just hold their coins and if the drop materializes then they can take advantage of it by increasing their bitcoin holdings.

However this is something that it does concerns traders as at least for the moment it seems an upward movement for the price of bitcoin seems unlikely, so if they are using leverage and bitcoin goes below the 35k resistance level then they could suffer massive losses if they do not use a stop loss.

[Marvell1]

Hopefully, the bitcoin price doesn't drop to $32k this time but instead can stay at the current price level and reverse towards a higher price.

It really depends on the trader and investor. If they want to keep the price above $35K then panic selling will not happen again and they will start doing something by increasing demand again.

It looks like traders and investors have started to panic because the price broke through $35k and this triggered other coins to go down as well. We don't know when it will stop and reverse but it looks like we can only enjoy this moment while looking for an opening to enter the market if we want to buy at a low price. But it seems that just seeing the price move is a good solution because the price doesn't look stable at the moment.

Bitcoin price has dropped and is currently trading at around 35.9k. The fear indicator shows that people are panicking if further loss of the 35k resistance, I think it will cause panic sell and will drag the market to the new bottom.

The current price is already 50% lower than last year's ATH, if someone intends to buy more bitcoin this is a good time but we should not buy all at once but use DCA strategy because the market is very bad, I think it will keep going down.

[coolcoinz]

I'm not an expert at saying what's going to happen

It doesn't really matter. Those who claim to be experts also don't have a clue. All they can do is make shots in the dark and hope they hit something, so when the light comes up they can say "I told you so"... and then sell their "trading courses" to idiots who think they really predicted that last move.

I'm only sure of one thing. Another bull run with another ATH is going to happen within the next 3 years and It would be a crime to miss it. Whether it goes to 32 or 25 along the way will not matter in the long run, just like most people don't even remember the covid crash today.