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Bitcoin lunch: Price of BTC and crypto drops sharply. Bitcoin analysis and outlook

It’s lunch time again, so we take a look at the live Bitcoin price and the prices of the top 25 crypto currencies. Then we analyze the Bitcoin price in the short and long term. We also dwell on a damaging rumor.

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 sharply

At the time of writing, the live Bitcoin price is quoting EUR 40,741.30 ($45,101.28). This is 4.56% lower than during our Bitcoin lunch yesterday.

The prices of the top 25 crypto coins are also falling sharply. Apart from a few stable coins, we see substantial red numbers. The biggest loss is currently for Shiba Inu (SHIB) with -8.74%. On the site of Tradeincrypto.com you can follow all live crypto prices 24 hours a day, including the entire weekend.

Bitcoin price falls due to European decision and damaging rumor

We currently see 3 causes for the price drop of Bitcoin and other crypto currencies. On the one hand, the market is reacting violently to a decision of the European Parliament. We already paid attention to this last night.

On the other hand, there is a bizarre rumor. It’s April 1, of course, but the message is so damaging that it’s making the market uneasy anyway. The rumor revolves around Terraform Labs CEO and Terra’s (LUNA) plan to buy up BTC. According to the rumor, CEO Do Kwon is said to be planning to crash the crypto market by dumping all the bought-up BTC at once. Although the article contains a lot of unusual conspiracy theories and may be an April 1 joke, investors are concerned. This is especially so as yesterday there was also controversy surrounding a now defunct Cointelegraph article. Do Kwon himself responded to this via Twitter.

Twitter won’t load because you didn’t give permission.

Its @LFG_org

Seriously, who writes for this thing

– Do Kwon 🌕 (@stablekwon) March 30, 2022

We do know by now that the wallet in which the purchased BTC are collected is active again. Kwon also gave an interview to Laura Shin, explaining his views on the BTC purchase plan. You can watch this interview via the link below.

Twitter won’t load because you didn’t give permission.

According to @stablekwon, @terra_money is a Layer 2 solution for BTC where “Bitcoin only needs to be good at being one thing, being an asset.” What do you think – will Terra be the layer 2 for bitcoin?

Episode link: https://t.co/T2nVfg7VyC pic.twitter.com/Thi9nVKUHv

– Laura Shin (@laurashin) March 31, 2022

What is true of the rumors will become apparent and no doubt people with put options will investigate whether they were speculating on a price drop. The fact is that the current Terra (LUNA) price of $102.88 is 5% lower than yesterday.

The third effect is now familiar to investors. Because the price of Bitcoin is falling rapidly, the collateral of many leverage traders is becoming worth too little. Exchanges therefore proceed to liquidate and with that the crypto snowball starts rolling again.

Bitcoin near-term outlook remains bullish

As we discussed earlier this week, we are seeing a lot of bullish signals for Bitcoin in the short term. Despite today’s price drop, this bull trend remains intact, as you can see in this technical analysis….

Insiders will only start to worry if the currency drops below the $44,418 support zone. A break of the bullish trend, according to the same analysis, will not occur until we see a daily candle stick below $42,076. Although we are still quite a way from that, it is obviously important to see how the US stock market opens and to follow these signal prices over the weekend.

VanEck sees record potential for Bitcoin (and gold) in the long term

In an extensive blog post, investor firm VanEck discusses the position of Bitcoin and gold as a result of macroeconomic developments following the situation in Russia. They see that BTC (and gold) have proven their value as ‘reserve currencies’. Depending on the various scenarios, both Bitcoin and gold could face a huge price explosion in the coming years.

The value of one Bitcoin could then reach $1.3 million in the most favorable case. The entire article can be read here, but only for the US market. So if you want to read the article you must indicate that you are an individual investor from America.

By the way, there are more analysts who expect that the Bitcoin price could reach $1 million or more in the long run.

Want to stay up to date on 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.”