Bitcoin could target $32K, says trader as LUNA crashes below one penny

Bitcoin could target $32K, says trader as LUNA crashes below one penny

Bitcoin could reach $32,000 if a trader’s prediction is right. The crypto has seen its greatest monthly gains since April and some investors are getting bullish. Could it be too much of an over-exuberant frenzy? Experts say the market will soon cool down but prices might keep going up because bitcoin remains unregulated in most countries.:

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The “luna coin price prediction 2025” is a prediction from a trader that Bitcoin could be worth $32,000 by the year 2025. The LUNA coin was trading at .000001 cents on May 31st, 2018.

Bitcoin could target $32K, says trader as LUNA crashes below one penny

As the market rebounded from its lowest levels since late 2020, Bitcoin (BTC) bulls sought a rematch of $30,000 on May 12.

Bitcoin could target $32K, says trader as LUNA crashes below one penny1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)

As BTC rebounds, DXY looms enormous.

BTC/USD was trading over $29,500 following the Wall Street open, according to data from Cointelegraph Markets Pro and TradingView.

The pair remained turbulent, but there were few indications of new surrender, with a slew of long positions on the major exchange Bitfinex indicating what experts saw as certainty that lower levels would not reappear.

Longs on Bitfinex even managed to establish a new high in leverage on the da. 

Meanwhile, BTCUSD longs on @bitfinex are surging pic.twitter.com/BC7pTZOPLR

May 12, 2022 — Paolo Ardoino (@paoloardoino)

With this chart, you have two options: 1. It’s merely background noise. 2. The Bitfinex longs have absorbed all of the capitulation and are positioning themselves for big gains.

Pick your poison. $BTC image. twitter.com/NlujLGkED1

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— @JohalMiles (@MilesJCreative) May 12, 2022

“Indices should be rebounding,” Cointelegraph writer Michal van de Poppe said in one of his recent tweets, “by which we might be seeing some additional respite on the Crypto markets today.”

“We’ll definitely see a minor short squeeze towards $32K areas for Bitcoin if we break beyond $29.6K.”

Van de Poppe also mentioned the strength of the US dollar as a factor to watch in terms of Bitcoin’s future move.

Following a small fall on May 11, the US dollar index (DXY), which is negatively connected with Bitcoin, started building on twenty-year highs.

Bitcoin could target $32K, says trader as LUNA crashes below one penny1-hour candle chart of the US dollar index (DXY). TradingView (source)

To within an inch of zero, LUNA craters

However, happenings at Blockchain protocol Terra were much more surprising than any BTC price movement.

Terra would burn $1.4 billion in UST and stake 240 million LUNA to’stop the bleeding’

After losing 97 percent of its value, the firm’s in-house token, LUNA, fell below a single US penny on the same day, marking a turning point in its rapid demise.

As the uncertainty around the destiny of sibling coin TerraUSD (UST) grew, LUNA markets began to lose trust, with management eventually shutting down the Terra network entirely.

At block height 7603700, the Terra blockchain was officially suspended. https://t.co/squ5MZ5VDK

Following massive $LUNA inflation and a considerably lowered cost of attack, Terra validators have chosen to suspend the Terra chain to avoid governance assaults.

May 12, 2022 — Terra (UST) Powered by LUNA (@terra money)

LUNA/USD managed to mount a comeback, rising to LUNA/USD did manage to stage a form of recovery, climbing to $0.014 per token at the time of writing..014 per token at the time of writing. 

Bitcoin could target $32K, says trader as LUNA crashes below one penny1-minute candle chart for LUNA/USD (Binance). TradingVIew is the source of this information.

Tether (USDT), the largest stablecoin, which had had its dollar peg disturbed during the chaos, got closer to restoring it, trading at Largest stablecoin Tether (USDT), which had seen its dollar peg shaken amid the mayhem, meanwhile moved closer to regaining it, trading at $0.997..997.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

Bitcoin could target $32K, says trader as LUNA crashes below one penny. The cryptocurrency market has been volatile recently, with Bitcoin falling from a high of $7,000 to its current value of $3,200. Reference: will cryptocurrency crash.

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