Bitcoin update price BTC flat crypto rising to worst case

Bitcoin lunch: price Bitcoin and crypto rises as a result, expectation and bottom

By now it is lunch time again, so for us time to look at the live Bitcoin price and the prices of the top 25 crypto. Then we analyze why the BTC price continues to rise. We also see what bottom price experts estimate for BTC. Finally, we look at the Bitcoin price forecast.

We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.

Live Bitcoin price rises, prices top 25 crypto rise faster

Currently, the live Bitcoin price is quoting EUR 29,426.90 ($31,580.58). This is 3.22% higher than during our Bitcoin lunch yesterday.

The prices of the top 25 crypto are also rising and often even faster than Bitcoin. Apart from some stable coins and the regular Tron (TRX), Avalanche (AVAX) and Shiba Inu (SHIB), which are losing 1.16%, 1.03 and 0.42% respectively, we see only green numbers. The biggest gain of the day so far is for Cardano (ADA) which is up +27.32%. On the site of you can analyze all live crypto prices 24 hours a day.

Bitcoin price rise due to macroeconomic factors

Of course it is interesting to analyze why the Bitcoin price is rising so fast. When we make that analysis, we see that macroeconomic factors are mainly behind the price increase. These factors are:

China’s announcement that they are going to relax the Covid-19 measures. This will revive exports, which is good against inflation;
More and more countries are using Bitcoin as an alternative form of payment. For example, in Argentina we see that inflation (58% in April) is being fought by many Argentines by converting their fiat money into Bitcoin. Also in Panama, the acceptance of Bitcoin and other crypto is increasing. One of the larger banks, Towerbank is letting it be known through an extensive campaign that they now offer BTC and crypto.
Bitcoin’s lightning network is becoming increasingly popular. Positive growth rates on almost all fronts are creating enthusiasm.
HODLers (long-term investors) are buying more and more Bitcoin, speculating on future price increases. In particular, groups with less than 100 BTC and less than 10,000 BTC are buying.

What is the floor price of the BTC?

The above factors obviously give reason for optimism. The scenarios of a price drop to below $20,000 and to $10,000 (as some analysts predicted during the crash) can thus be put back in the closet for a while. The question is whether these scenarios will come out of the closet in the future.

Indeed, Quantum analyst Ki Young Ju analyzed the behavior of institutional investors. They are characterized by a more conservative strategy. A comparison on the Coinbase custody for institutional investors shows that many of them entered in 2020 and 2021 at a price around or below $20,000. Given corporate investment strategies (which are often longer-term), he says, this group of investors is unlikely to sell quickly as long as the price remains above $20,000. With that, he argues that the BTC has a bottom price of $20,000.

If this is correct, it would mean that the bear scenario at a break below $29,000.00 would suddenly become a lot less black if the maximum damage was limited to $9,000.00. This would also be a factor to consider in technical analysis. In the Tweet below you can see his analysis.

Twitter is not loading because you did not give permission.

Unlikely to go below the $20k unless these institutions, class of 20′ and 21′, sell #Bitcoin.

– Ki Young Ju (@ki_young_ju) May 30, 2022

As you can read in the comments, the reactions to his statement are mixed. On the other hand, we did see earlier that institutional parties such as MicroStrategy can get into trouble with a BTC price below $20,000. So it is in their interest to keep the price indeed above that limit. The question is whether they should worry about that in the short term.

This is the Bitcoin price expectation in the short term

Indeed, due to the macroeconomic factors discussed above, the bull rally is suddenly provided with structural fundamentals. This makes investors look at the scenario of a “relief rally” a little more critically.

Because the price remains above $31,500, more and more analysts are convinced of a bullish scenario. As we saw yesterday, confirmation will come as soon as the BTC price breaks through $32,000. In that case we will follow the bullish scenario from the video below.

After breaking through $32,000, a further rise to $36,000 is obvious. Positive analysts are even looking at a target of $38,000.

These are exciting days again.

Want to stay up to date with the latest stock 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.”

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