By now it is lunch time again. We, of course, look at the live Bitcoin price and the prices of the top 25 crypto currencies. Then we look at notable behavior in the oldest BTC wallets, outline the ultimate worst case scenario and review the Bitcoin Elliott Wave analysis.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto coins drop
At the time of writing, the live Bitcoin price is quoting EUR 27,787.19 ($29,154.50). This is 2.35% lower than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto coins are also down. Except for a few stable coins and Tron (TRX), which is posting + 1.13% gains, all prices of the top 25 crypto are negative. The biggest loss is currently -16,25% for Avalanche (AVAX). On the site of Tradeincrypto.com you can view all live crypto prices.
Antique wallets support institutional investors at Bitcoin bottom
We see that large parties are still getting in below $30,000. On the one hand, they expect this price to offer prospects for future profits. On the other hand, they want to protect the price of Bitcoin from deeper bottoms. We saw yesterday that private investors are participating less and less.
Another group of investors appears to be doing just that. In fact, data from Santiment shows that the investors of the first hour (the wallets that were created when Satoshi Nakamoto was still active) are now becoming active. Wallets in which sometimes there was no activity for 10 years are now suddenly active and buying additional Bitcoin. Of course, the question is whether this tactic makes sense.
The BTC to 0 euros? An absolute worst case scenario for BTC
There is a lot of speculation about the bottom of the current bull run and the chances of Bitcoin price recovery in the long term. We see that in the short term analysts differ on how deep the current price has to fall before the Bitcoin price turns bullish again, but the idea that the Bitcoin price will rise to record levels again in the longer term is widely supported. Now suppose this is not the case and Bitcoin falls to 0. What happens then in this absolute BTC worst case scenario?
First of all, of course, the financial loss to Bitcoin investors will be enormous. Currently, over 19 million BTC have been mined. They collectively represent a value of $557,201,980,000. Assuming the value does not suddenly become 0, more owners will sell as the price falls, so the cash impact will be somewhat smaller.
If Bitcoin becomes worthless it will also affect the other crypto. It is likely that many, if not all, crypto will also fall in value. This of course specifically creates a problem for the stable coins that have their value tied to Bitcoin.
Next, these investors will create further problems. For example, publicly traded MicroStrategy will have a huge equity gap and problems collateralizing their liabilities. This will not do the stock price any good. Of course, this also applies to the prices of shares in crypto exchanges (which then become meaningless) and mining companies (because even mining is no longer attractive). This will undoubtedly have a snowball effect and, in addition to financial consequences, will lead to the loss of (tens of thousands of) jobs.
This makes it very important to ensure that the price does not go to zero. It is therefore estimated that only a worldwide ban can drive the stock price to zero. Due to various factors, but certainly the impact on other financial sectors and jobs, this chance seems small.
Bitcoin price bullish: Elliott Wave Analysis signals a leg down
Even though the price is all but certain not to go to 0, a further drop in the price of Bitcoin in the short term is in the offing. We already saw yesterday how the US regulators spoiled the sentiment on the crypto market. This also has its impact on the technical trend analyses. Based on the Elloitt Wave Analysis, the price has started a new bearish movement. You can see this in the video analysis below.
The Elliott Wave Analysis is a widely used, but also complicated trend analysis to estimate sentiment for Bitcoin (and other crypto). Our colleagues at Tradeincrypto.com are happy to explain more about the Elloitt Wave Analysis for crypto.
We will of course continue to monitor developments.
Want to stay up to date on 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.”