By now it is lunch time again. We take a look at the live Bitcoin price and the prices of the top 25 crypto that continue to fall. Of course, the question is what to expect next. The experts appear to be divided. We see a current that is preparing for further price falls and a current that sees recovery. Indeed, some parties are already stepping in because they think they can buy the dip in Bitcoin. We analyze.
We start, of course, with the live Bitcoin prices and the prices of the top 25 crypto.
Live Bitcoin price drops, crash top 25 crypto continues
At the time of writing, the live Bitcoin price is quoting EUR 29,778.25 ($31,4285.78). This is 6.13% lower than yesterday at lunchtime and also lower than during our Bitcoin update that appeared a little earlier.
The crash in the prices of the top 25 crypto also continues. Apart from FTX-token (FTT), which records a gain of 2.39% we only see red numbers. Terra (LUNA) loses the most with 53.41% in one day. Also noteworthy is the loss of 10.78% for the linked stable coin TerraUSD (UST). We discussed the backgrounds of this mega crash in a crash yesterday. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Pessimistic experts see Bitcoin price drop further
As mentioned, the market is divided on the near future of the Bitcoin price. Looking at the on-chain data, the panic is not over yet. Many whales are moving their BTC to exchanges to sell so they can cut their losses. If we look at the numbers we see that the amount of BTC flowing to exchanges is the highest it has been for a year. If we look at just the spot exchanges (where direct buying and selling takes place) we even see that we are at the highest point in 2 years.
With that we see 2 bearish effects that will further depress the price. First of all, it is obviously not good for confidence if large investors give up their positions as it means that they expect more losses in the short term.
In addition, due to the strong inflow and low prices, stock markets no longer have any trouble replenishing their inventory. This also eliminates the price-increasing inventory scarcity as a bullish factor.
With that, we also see bearish price forecasts looming. Experts expect price drops towards $28,000.00 or $25,000.00.
In fact, if the market fails to hold the support level at $28,365, we should expect, based on a so-called “point and figure analysis”, that the next strong support level will only be found at the peak of the 2017 rally, or $19,400.
Is the BTC trend going to be bullish again?
On the other hand, there are still the very strong fundamental pillars under the Bitcoin price that show we can expect a bullish market in the long run. With that, according to this expert, a trend reversal is imminent.
Bitcoin Elliott Wave analysis indicates recovery
They find support in the Elliott Wave analysis of the Bitcoin. It shows that according to various interpretations of the 5 waves we are heading for a trend break. Depending on the price development in the very short term we see an A-B-C correction after a full cycle of 5 waves, or we see the end of the third correction wave. The complete analysis with charts can be seen here.
By the way, do not feel embarrassed if the above explanation feels like you are reading a foreign language. The Elliott Wave analysis is meant to find a trend reversal and therefore widely used. At the same time, it is also a tricky analysis to use. Our colleagues at Tradeincrypto.com are happy to explain how to use an Elliott Wave Analysis for crypto.
So based on this Elliott Wave Analysis, they draw the conclusion that it’s only a matter of time before Bitcoin and other crypto will continue their bullish path. They see confirmation in this because the wave of selling we described above is triggered mainly by “new” investors who are holding their BTC for less than a year. The longer hodlers remain calm and are actually trying to strengthen their positions.
First group of investors tries to buy Bitcoin dip
Indeed, we are already seeing several parties trying to buy the dip. For example, El Salvador has not yet lost its faith in their legal tender. The country actually invested $15 million in BTC during the crisis of the last few days.
In addition, we also see that the first whales and institutional investors feel that the dip can come. As a result, the Bitcoin price recovered from its deepest point in 24 hours (at $29,750) to its current price.
As a private investor, it is difficult to participate in waves like this. Emotion is not a strong advisor in this regard. Therefore, in your own research, you might want to include these 5 tips for making money in an uncertain crypto market.
We will of course continue to report on all 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.”