Bitcoin Price Drops Below $33,500
On Monday, May 9, bitcoin quotes updated the minimum since the end of January 2022. At the time of writing, the price is holding the level near $33,450 (Binance).
On May 8, Glassnode’s lead analyst, Checkmate, noted that “many are waiting for the fuse of bitcoin capitulation.” The latter is usually characterized by a relatively long, sudden and catastrophic price drop, similar to the March 2020 crash.
“If this happens, and this is really a capitulation, most people will not buy [Bitcoin] because the fear is too great. It has always been and always will be, ”Checkmate emphasized.
Analyst Caleb Franzen noted the downward trend and did not rule out that “more pain is to be expected.”
In April, former BitMEX CEO and co-founder Arthur Hayes predicted that Bitcoin would fall to $30,000 at the end of the first half of the year. He attributed this to a possible decline in the Nasdaq 100 (NDX), with which digital gold is highly correlated.
Analysts at Arcane Research have confirmed that the statistical relationship between Bitcoin and the Nasdaq Index has reached its highest level since July 2020.
Recall that trader and head of Factor LLC Peter Brandt allowed the price of digital gold to fall to $28,000.