It’s time again for this week’s final Bitcoin lunch. Naturally, we look at the live Bitcoin price and the prices of the top 25 crypto. Then we share the Bitcoin weekly forecast and estimate how severe the bearish correction will be. Finally, we look at the next big mass adoption.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price falls, prices top 25 crypto fall faster
At the time of writing, the live Bitcoin price is quoting EUR 27,988.72 ($29,912.04). This is exactly 2% lower than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also falling and often even faster than Bitcoin. Besides some stable coins, Leo Token (LEO) is the exception that confirms the rule with a gain of 1.77%. The biggest loss of the day so far is to Cardano (ADA), which is down 6.58%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the whole weekend.
Weekly forecast Bitcoin price remains bearish
With the Bitcoin price dipping below $30,000 again, we see that the currency is moving towards the bottom of the consolidation zone between $29,000 and $31,000. Thus, the outlook for the price remains bearish. This is all the more so because an upward movement in this range does not bring additional trading volume.
In the short term, the support level of $29,563 is key for investors. If this level breaks a special situation may arise. A so-called “volume void” will create a kind of no man’s land between $29,424 and $11,891. Analysts do not rule out that this gap will be filled with a strong crash.
Of course, there are scenarios where a brief rebound to $35,000.00 is still possible, but in the absence of trading volume, that option seems to be becoming increasingly theoretical. The same applies to a bullish trend break. For this to happen, the price would have to rise above $52,000. In the video analysis below we see that the chance of a price drop to $ 20,000 is greater than the chance of a recovery to $ 35,000.
Of course, the question is whether the soup will be eaten as hot as it is served.
How strong will the next bear rally be for Bitcoin?
Reading about a possible price target of $11,891 will scare many an investor, but the question is whether this scenario is very likely. First of all, the ‘void volume’ theory is based on figures from 2020-2021 and at that time there were far fewer institutional investors active. As we saw earlier, according to experts, this influx of big business is causing a BTC bottom price.
In addition, we see that volatility and market volume are decreasing. These are often signs of a coming recovery Also, several other technical indicators are positive. With that, the expectation is that the bear leg down will not be as severe as you can calculate based on the ‘volume void’.
Are online stores driving mass adoption?
As we have explained many times before, for long-term price growth it is important that many people use BTC as a means of payment. Research by Deloitte and PayPal shows that webshop owners could play a major role in this. In fact, research shows that more than 85% of those surveyed prioritize potentially paying with crypto. Another 83% give that same priority to stable coins.
It also shows that about 75% of those surveyed plan to add crypto coins and/or stable coins to the accepted means of payment in their webshop within 24 months. You can read the entire report here.
Finally, we would like to draw your attention to a new trend in Bitcoin investing. Are you curious what this trend is and how you can participate? Then read our weekend special about whale tracking which will be online tomorrow at noon.
Want to stay informed about 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.”