Of course, this week we also serve up our daily Bitcoin lunch. We look at the live Bitcoin price, last week’s results and how the Fed is affecting the Bitcoin price this week. Finally, we look at the long-term BTC price forecast.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price rises, most crypto top 25 positive
At the time of writing, the live Bitcoin price is quoting EUR 36,804.09 ($38,823). This is 2.16% higher than yesterday, but lower than during our Bitcoin brunch on Friday.
The prices of most of the top 25 crypto are also rising. Notable exception is Cronos (CRO), which is losing 12.69%. The biggest winner of the day so far is Tron (TRX) with + 6.30%.
Gains cannot prevent negative week for Bitcoin and crypto
The good start to the new week cannot disguise the fact that we are coming off another week of losses for Bitcoin and crypto.
Bitcoin lost 1.09% over the past 7 days. With that, it performed relatively well. The only positive weekly results were for stable coins and Tron (TRX), which posted +9.40%. Many other crypto coins lost heavily. The biggest tick in the past week was for Near Protocol (NEAR), which lost 22.64%.
With that, monthly results also came under pressure. Over the past 30 days, only the stable coins have recorded a (small) positive result. Otherwise we see only red figures. Tron (TRX), with -3.99%, is the most limited over 30 days. The biggest loss over this period was for Avalanche (AVAX), which lost 38.61%. Bitcoin (BTC) can be found in the middle with a loss of 15.63%. Of course, you can check all the results and live crypto prices on the Tradeincrypto.com website 24 hours a day.
Bitcoin price forecast for the coming week: bullish pattern and suspicious eyes on the Fed
Despite Friday and Saturday’s price decline, we see that the recovery is keeping the price in a bullish pattern. With that, the bullish Bitcoin analysis for the coming week remains intact.
However, there is one macroeconomic factor that could throw a hefty spanner in the works of the bulls. That factor is the interest rate decision and the decision on unwinding market support that the U.S. Fed is about to make on Wednesday. The Fed is expected to announce a major asset sale program on Wednesday. With that, stocks and other investments could fall sharply.
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Wednesday will be pivotal.
The Fed is expected to confirm a $95B per month sell program which has not yet been unleashed on the market. https://t.co/gRRwd059Lw
– Charles Edwards (@caprioleio) May 2, 2022
On top of that, analysts’ expectations (that April would be a better month for Bitcoin than March) did not come true. In fact, where the Bitcoin exchange rate posted a 5.39% gain in March, the largest crypto currency closed April with a 17.3% loss, marking the worst April month in history.
The crazy thing is that despite this knowledge, given today’s price gains, investors are evidently confident in the market so far. Could the ignoring of all bull signals be explained by pricing in the risk of the impact on the Fed decision? In any case, it will be an exciting week, where there seems to be money to be made mainly by anticipating trading in an uncertain crypto market.
The longer-term BTC forecast: will the BTC price go to $372,140?
So by now we can see that the numbers are no fun for Bitcoin investors. In fact, due to the bad month, as many as 40% of all Bitcoins in circulation posted a loss relative to the purchase price. We last saw that much loss in April 2020 when Bitcoin began a long but steady bull-run that eventually caused the price to set a new record at $64,800. This represented a price increase of + 891.94% since April 2022 to the record set in November 2021.
With that, the conclusion lurks that this could happen again. The price of Bitcoin would then reach $372,140. To achieve this, Bitcoin’s market capitalization alone would have to grow to $7,370.11 billion. Since Bitcoin currently has a dominance of 42.93% the market of the entire crypto market would have to grow towards the $14.6 billion mark (assuming the dominance would be different then). Given the stagnant interest, this does not seem realistic for now. So we should focus on the bullish trend and the smaller gains we are seeing now, but mostly wait and see how Wednesday’s announcement will affect BTC’s long-term outlook.
Want to stay up to date on the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”