Bitcoin update price BTC and crypto drops again due to

Bitcoin lunch: price BTC and crypto falls: analyses, history + forecast

Once again this week we serve up our daily Bitcoin lunch. Today we look at the live Bitcoin price and the prices of the top 25 crypto. In addition, we look back at the results in the past week, look at correlation, dwell on a historic day and look ahead to the BTC price forecast for the coming week, on which opinions are divided.

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

Live Bitcoin price drops as do prices of the top 25 crypto

At the time of writing, the live Bitcoin price is quoting EUR 38,281.24 ($41,614.76). This is 2.14% lower than yesterday and also sharply lower than during our Bitcoin lunch on Friday.

Sentiment is also negative for the other prices of the top 25 crypto coins. We are currently seeing only price declines except for the stable coins. The biggest loss of the day so far is at -7.88% for Terra (LUNA).

Results: bad week for Bitcoin and crypto

Today’s losses, of course, also affect last week’s crypto results.

This is clear to see, as even in the results for the past 7 days we see (apart from a few stable coins) only negative results. With -1.30%, Dogecoin (DOGE) kept the damage to a minimum, while investors in Terra (LUNA) took the biggest hit with -22.76%. Bitcoin (BTC) was a mid-tier performer with 9.43% loss.

Despite this, the monthly results remained partly positive. Over the past 30 days, Bitcoin’s (BTC) return is still +8.46%, but again the largest crypto currency is a mid-tier performer. Indeed, the biggest loss is for Ripple (XRP) with -9.81%, while Near Protocol (NEAR) records the biggest gain over 30 days with +51.50%.

On the site of Tradeincrypto.com you can analyze all live crypto prices.

Correlation BTC raises concerns

Crypto influencer Arthur Hayes, in an extensive blog, identifies the ongoing correlation between Bitcoin and stocks. In his opinion, this does not mean much good for the short term. In the longer term, however, he foresees Bitcoin breaking free from the correlation, which means that in the longer term, more returns can be expected than with stock investments.

In doing so, his opinion differs from the many analysts who believe that the worst is over and a quick market recovery can be expected. This creates a discussion of principle that we see directly reflected in the weekly forecast for the coming week.

Bitcoin price forecast: technical bulls or historical bears, the market is always right

We have not published any crypto price forecasts for a while now because it turns out that a weekly forecast is currently not accurate enough. This is due to the fact that the history of Bitcoin and crypto is still relatively short and we did not see a crisis before where institutional investors invested so much in Bitcoin and crypto. In addition, the past makes the market unsettled.

Price drop on historic day creates pessimism about BTC and crypto

Today is in fact mid-halving day. This means that we are exactly 2 years after the last halving and 2 years before the next halving. In a previous BTC lunch we explained that in the past this was the start of a long-term bearish trend (in which, of course, price fluctuations still take place and thus profits can be made).

However, we saw recently that the skyrocketing price gains were also less sharp than during the previous cycles after the halvings, so analysts reason that the future after mid-halving day might also be different. With prices plummeting on this historic day, the analysis of the previous mid-halving events is suddenly extremely sharp. This is causing some analysts to be gloomy. They foresee a price drop to $37,000 and even a bear market if the BTC price drops below that.

Technical analysis and fundamental factors point to Bitcoin bull

Analysts who focus more on fundamental and technical analysis look at the market quite differently. In their weekly forecast, they tip Bitcoin as bullish (just like other crypto currencies) and instead assume a price target that could be at $52,000. This tip is supported by independent video analysis, as you could see in our weekend post.

With this divergence, we cannot help but conclude that the market is always right and again time will tell which camp is right on the side. We will continue to report on this in our Bitcoin and crypto updates (around lunchtime and after the US markets close) in the coming week.

Are you curious about the price forecast for other investments?

Risk diversification is one of the tools in the investor’s basket to get maximum returns. If you are making or following other investments besides crypto, it is of course also interesting (and hopefully profitable) to do your own research on the price outlook for other appendix. We can help you with this with our price forecast on sister site MANNERS.nl.

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.”