{"id":3979,"date":"2022-05-08T11:55:30","date_gmt":"2022-05-08T11:55:30","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=3979"},"modified":"2022-05-08T11:55:30","modified_gmt":"2022-05-08T11:55:30","slug":"bitcoin-price-target-now-29k-trader-warns-after-terra-weathers-285m-fud-attack","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3979","title":{"rendered":"Bitcoin price target now $29K, trader warns after Terra weathers $285M \u2018FUD\u2019 attack"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) prepared for a rare bear feature to return on May 8 after an overnight sell-off took the market ever closer to January lows.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC circles $34,400 lows<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD dipping to $34,200 on Bitstamp, recovering to trade around $500 higher at the time of writing.<\/p>\n<p>The pair had seen brief support around the $36,000 mark, but this gave way as thin weekend liquidity added to the volatility.<\/p>\n<p>Bitcoin liquidations themselves were limited, however, as market sentiment had long expected a deeper pullback after a tumultuous week on stock markets.<\/p>\n<p>Data from on-chain monitoring resource Coinglass countered 24-hour liquidations for both Bitcoin and Ether (ETH), running at around $80 million.<\/p>\n<p><em>Crypto liquidations chart. Source: Coinglass<\/em><\/p>\n<p>Updating his short-term price outlook, popular Twitter commentator Credible Crypto envisaged a \u201cflush\u201d taking BTC\/USD to as low as $29,000, marking a new 2022 low.<\/p>\n<p>Bids near $30,000, among them those of a whale trader on exchange Bitfinex, may prove too enticing to leave unfilled.<\/p>\n<p lang=\"en\" dir=\"ltr\">Lows at 34.4k almost taken, so eyes now on a flush into 29-32k along with filling that finex whale&#8217;s bids. Dude doesn&#8217;t miss. Not at my comp so no charts, this post is just so you guys don&#8217;t blow up my phone asking what now lol. Still not expecting lows at 28k to be taken. $BTC https:\/\/t.co\/K1uhD9n52X<\/p>\n<p>\u2014 Credible Crypto (05.27) (@CredibleCrypto) May 8, 2022<\/p>\n<p>The downside momentum into May 8 accompanied news of trouble at Blockchain protocol Terra. The firm, which pledged to buy unlimited amounts of BTC to back its United States dollar stablecoin TerraUSD (UST), saw its first major test as a market participant mass sold UST worth almost $300 million.<\/p>\n<p>While disruption was minimal, UST briefly saw its dollar peg eroded by up to 0.8%.<\/p>\n<p>\u201cToday\u2019s attack on Terra-Luna-UST was deliberate and coordinated,\u201d Caetano Manfrini, legal officer at Brazilian crypto business forum GEMMA, responded to the events.\u00a0 <\/p>\n<p>\u201cMassive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone.  on the right path!\u201d<\/p>\n<p>Do Kwon, the Terra co-founder now well known for both his Bitcoin buys and social media engagement, remained conspicuously cool.<\/p>\n<p lang=\"en\" dir=\"ltr\">Those of you waiting for the earth to become unstable-<\/p>\n<p>I&#8217;m afraid you will be waiting until the age of men expires<\/p>\n<p>Cities have returned to the dust<\/p>\n<p>Oceans have gone bone dry<\/p>\n<p>The map of continents have been drawn anew<\/p>\n<p>And dinosaurs once again roam the earth <\/p>\n<p>Gluck<\/p>\n<p>\u2014 Do Kwon  (@stablekwon) May 8, 2022<\/p>\n<p>Despite Kwon\u2019s words, however, UST traded around 0.5% below its $1 target at the time of writing, according to data from CoinMarketCap.<\/p>\n<p>In further comments, Cointelegraph contributor Micha\u00ebl van de Poppe admitted that the event \u201cwas not fueling the markets\u201d but categorized it as \u201cFUD.\u201d<\/p>\n<p>\u201cLet\u2019s see how price is reacting here on Bitcoin as we\u2019re sweeping all those lows currently, little overextended to the downside,\u201d he told Twitter followers in a part of his latest update.\u00a0<\/p>\n<h2>Weekly chart threatens bear pattern absent for eight years<\/h2>\n<p>Zooming out, meanwhile, the Bitcoin chart still looked decidedly unappetizing.<\/p>\n<p><strong><em>Related:\u00a0Any dip buyers left? Bulls are largely absent as the total crypto market cap drops to $1.65T<\/em><\/strong><\/p>\n<p>On weekly timeframes, BTC\/USD was near to completing its sixth consecutive red weekly candle \u2014 something which had only occurred once before in its history back in 2014.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>That year followed the blow-off top of Bitcoin\u2019s first halving cycle and subsequent comedown, exacerbated by the hacking of then major exchange Mt. Gox.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin has only printed 6 weekly red candles in a row ever. <\/p>\n<p>That was May 2014. <\/p>\n<p>Eight years ago!<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) May 7, 2022<\/p>\n<p>Previously, Bitcoin\u2019s four straight red weekly closes had already put it in a situation last occurring after the March 2020 COVID-19 crash.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-target-now-29k-trader-warns-after-terra-weathers-285m-fud-attack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) prepared for a rare bear feature to return on May 8 after an overnight sell-off took the market ever closer to January lows. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC circles $34,400 lows Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD dipping to $34,200 on Bitstamp, recovering to trade around $500 higher [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-3979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3979"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3979\/revisions"}],"predecessor-version":[{"id":3981,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3979\/revisions\/3981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3980"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}