The broader crypto markets have been tumbling over the past month, with a more profound fall in the first week of May. As the markets fell, bitcoin (BTC) started to drop from its local top of roughly $30,000 in the last week of April.
Bitcoin registered its deepest local price drop on May 12 — plunging to around $26,290 — as the global crypto market cap witnessed a $140 billion loss in just 24 hours.
Moreover, the largest cryptocurrency, BTC, is down by another 1% in the past 24 hours and trading at around $26,800 at the time of writing. Data shows that bitcoin’s trading volume rose 33% in the past 24 hours, reaching $9.8 billion.
As the BTC price drops, the Twitter crypto community believes that the asset will stay above the $25,000 mark, according to a poll in a thread.
From 439 votes at the time of writing, roughly 30% expect a further price drop between $17,000 and $24,999. Per the thread, 14% think that bitcoin could fall below $10,000 — a claim some community members took as a joke.
A Twitter user says that people waiting for BTC to drop to the $10,000 mark “will be gravely disappointed.”
Some members have also celebrated the 13th Bitcoin Pizza Day despite the bearish news surrounding the digital gold.