Plunge

Bank

2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/more-bloodshed-to-come-cryptoquant-predicts-bitcoin-price-to-plunge-below-40k/">More Bloodshed To Come: CryptoQuant Predicts Bitcoin Price To Plunge Below $40K&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Havoc has officially unleashed – and it’s not looking good. </p> 
<p>Recent turmoil in Bitcoin and the broader crypto market has been driven by the <a href="https://coinpedia.org/news/japan-stock-market-correction-trigger-crypto-market-crash-bitcoin-ethereum-bleeding/" target="_blank" rel="noreferrer noopener">Bank of Japan’s</a> move to raise interest rates from 0% to 0.25%. This, combined with growing worries about a potential U.S. recession, has led to a sharp drop in Bitcoin’s price, which fell to $49,112 before recovering slightly to <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">$52,982</a>—a nearly 16% decrease.</p> 
<p>But the damage is done, and experts are warning of even darker days ahead.</p> 
<h2 class="wp-block-heading" id="h-further-declines-on-the-way-what-experts-say">Further Declines on the Way? What Experts Say </h2> 
<p>CryptoQuant, a leading on-chain data and analytics provider, is warning that Bitcoin might drop even further, possibly down to $40,000. In the past 24 hours, Bitcoin has dropped over 16%, breaking below the crucial $57,000 support level. This sudden decline has raised concerns among crypto enthusiasts, with experts now predicting a potential fall to $40,000.</p> 
<p>According to CryptoQuant, this breach of support indicates a troubling trend. The recent drop has pushed traders into their worst unrealized profit margins since November 2022.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> dropped over 16% in the last 24 hours, breaking below the $57K support level.<br><br>This breach suggests a possible drop to $40K.<br><br>Currently, traders are facing their most negative unrealized profit margins since November 2022. <a href="https://t.co/gTWT52NO60">pic.twitter.com/gTWT52NO60</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1820359383085109514?ref_src=twsrc%5Etfw">August 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-levels-you-need-to-watch">Levels You Need to Watch </h2> 
<p>CryptoQuant’s analysis suggests that the current price action could lead to more declines, making this a critical time for Bitcoin holders and traders. The recent market crash has erased over $1.06 billion in just 24 hours, as <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">reported by Coinglass</a>. Of this amount, $900 million was lost by those who expected prices to rise, and $160 million was lost by those who anticipated a drop.</p> 
<h2 class="wp-block-heading" id="h-why-this-level-matters">Why This Level Matters </h2> 
<p>Crypto chart analyst Ali Martinez points out an important support level for Bitcoin at around $47,140. This level is crucial because nearly 900,000 addresses hold a total of 489,000 BTC at this price.</p> 
<p>The large number of holdings at $47,140 makes this a key support zone. If Bitcoin can stay above this level, it could show resilience and possibly lead to a price rebound.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">One of the key support levels for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is around $47,140, where nearly 900,000 addresses previously bought 489,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>! <a href="https://t.co/zcYejFdAS4">pic.twitter.com/zcYejFdAS4</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820342446296887578?ref_src=twsrc%5Etfw">August 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>However, if Bitcoin falls below this support level, it might trigger more selling pressure from investors who bought at this price, potentially driving the price lower.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/why-is-the-crypto-market-down-today-key-reasons-behind-the-bloodbath-on-satoshi-street/" target="_blank" rel="noreferrer noopener">Why is The Crypto Market Down Today? Key Reasons Behind the Bloodbath on Satoshi Street</a></p> 
<p><strong>This is a crucial moment for Bitcoin investors. What’s your strategy?</strong></p>

More Bloodshed To Come: CryptoQuant Predicts Bitcoin Price To Plunge Below $40K

Table of Contents

CoinPedia News

Other articles published on Aug 5, 2024

Major Setback for AI Giants: NVIDIA’s Blackwell Chips Face Significant Delay

SPK Issues New Crypto Regulations

XRP ETPs Explode With Inflows Amid General $528 Million Exodus

Economist Timothy Peterson Says “This Decline Has Been Seen 45 Times Before in Bitcoin”, Reveals ...

Crypto Prices Today August 5: BTC Tanks 10%, ETH Crashes 20%, & Altcoins In Bearish State

24.2 Million XRP in 24 Hours, What's Happening?

Join our free newsletter for daily crypto updates!