As we do every day, we take a look at the live Bitcoin price and the prices of the top 25 crypto today around lunchtime. Then we analyze why more price declines are expected for the BTC. Finally, we share a conspiracy theory about the current crypto crash.
We start 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 EUR 27,388.56 ($29,242.87). This is 1.69% lower than during our Bitcoin update yesterday.
The prices of the top 25 crypto coins are falling faster. Apart from the stable coins and some small positive moments (less than +0.5%) we only see red numbers. The biggest loss is currently for Avalanche (AVAX), which is down 14.07%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Bears determine decline of Bitcoin options. How low will they bring the price?
Tomorrow morning at 10 am (Dutch time), Bitcoin monthly options and weekly options will expire again, as will the monthly and weekly options of other crypto currencies. Based on the possible price that will be on the boards tomorrow morning at 10 am, we will give an indication of how the execution of the options will proceed:
Bitcoin price between $28,000.00 and $30,000.00: 800 calls (buy options) vs. 14,200 puts (sell options). The bears earn $390 million in this case.
Bitcoin price between $30,000 and $32,000: 2,050 calls vs. 11,200 puts. In this case, the benefit to the bears is $250 million.
BTC price between $32,000.00 and $33,000.00: 5,650 calls vs. 9,150 puts. With this, the benefit to the bears would be $110 million.
So, with the Bitcoin price consolidating between $29,000 and $30,000 for some time now, it is important for the bears to keep the price in between these to ensure that they do not lose $150 million in profits. Of course, the bulls could strengthen their position by pushing the price up significantly, but given the bearish sentiment, this does not seem likely to happen.
Bitcoin price in clampdown due to slack market, Elloitt Wave Analysis foresees more bears on the way
Another way to drive the price up is increasing interest in trading Bitcoin, for example by investors who expect to buy the dip.
However, on-chain metrics show that the market is mostly wait-and-see. Both the bulls and the bears seem to be holding their cards to the chest. We do see that the correlation between (tech) stocks and BTC is becoming slightly less tight, but that is to the disadvantage of the BTC. Where the shares are rising slightly, the Bitcoin is actually falling.
With the Bitcoin price consolidating between $29,000.00 and $30,000.00 for longer and longer, a breakout from these ranges is becoming increasingly likely. One way to see if a trend breakout is imminent is to do an Elloitt Wave Analysis. This shows a possible trend breakout and also gives an indication of whether it is bearish or bullish.
In the current market situation, the Elliott Wave Analysis serves mainly as confirmation of the suspicion (a bearish breakout) we already have. The video analysis below indeed confirms this.
According to this analysis, we will see prices fall further as early as next weekend. Of course you can learn more about the Elloitt Wave Analysis for BTC and crypto, for example in the explanation of our colleagues at Tradeincrypto.com.
Is the BTC price drop a conspiracy by mega-corporations?
Although we mainly focus on technical analysis and fundamental factors to estimate the course of the Bitcoin price and crypto prices, there are also analysts who have a different view on the matter. For example, there is one rumor or -if you will- conspiracy theory that is becoming increasingly persistent. This theory is that two mega-corporations, Blackrock and Citadel, want to get into Bitcoin (and other crypto). In order to do this as advantageously as possible, they would have deliberately created the LUNA scandal in order to take advantage of a price drop and get in cheaply. In this video, they explain the alleged plot.
As we can see, there are arguments for and against the conspiracy, but the question is whether it makes any difference to the Bitcoin price, after all, even with a conspiracy, the law of supply and demand continues to apply. However, if the plot turns out to be true, the discussion about reliability and the possibilities of influencing crypto prices will flare up again. All the more reason to continue to follow all developments in the coming period.
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.”