In this update, we obviously look at the rising live Bitcoin price and the prices of the top 25 crypto. Then we ask which group of investors sold the most during the crisis. We also look at the Bitcoin price expectation in the short and long term.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto rise
At the time of writing, the live Bitcoin price is EUR 20,157.36 ($21,184.14). This is 2.61% higher than yesterday around this time and also higher than during our Bitcoin lunch from yesterday which appeared a little earlier.
The prices of the top 25 crypto are also rising. We only see a loss for Leo Token (LEO) besides the stable coins. This coin loses 2.52%. Other than that, we see a lot of sharp increases. The biggest gain is currently with + 13.57% for Ripple (XRP). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the entire weekend.
Which investors sold the most Bitcoin during the crash?
Studies now show that the crypto crisis is causing many investors to change strategies. Analyses learn that miners in particular are selling their BTC. This, by the way, is normal behavior in a bear market.
More striking is that we do not see any category of investors who have benefited from the low Bitcoin price in this market. Regardless of the size of the wallet, we see that the number of owners who suffer losses is increasing. This sounds dramatic, but is basically a good sign. We saw earlier based on historical data that a Bitcoin bottom is only reached when more than half of the hodlers suffer losses. It hasn’t gotten that far yet. Currently, 50% of BTC in circulation is still making a profit and 2% are playing even.
Has the BTC bottom been reached?
As we can already see from the Bitcoin in profit, the market has not yet reached the bottom. Many crypto investors also think that this is not the case. In a poll among the followers of crypto trader and analyst Peter Brandt, we see that the majority of his voters think that we are not that far yet.
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Quick poll – open until 18:30 Eastern
Has Bitcoin $BTC bottomed
– Peter Brandt (@PeterLBrandt) June 23, 2022
Peter Brandt himself is not convinced either. He expects that we can only state that the BTC bottom has been reached when Bitcoin recovers to $32,000. As long as that does not happen, there is a chance that the bottom must be sought at previous technical analyses, namely at $13,000. So it still seems just too early to buy the dip.
Here’s the Bitcoin price forecast in the short and long term
This weekend, Bitcoin investors are mainly watching the $21,705 level. As long as the price stays below this level the market is bearish and a price drop to $19,416 may follow. If the market fails to hold this support level, a further decline to $17,924 may follow.
If the market does get above $21,705, it is important that the price remains stable above $21,068 thereafter. In that case the bearish prospect is averted and the price can continue to rise to $23,000.
By the way, even after that a sharp decline is possible. For long-term investors, this need not be a problem. The fundamental characteristics of Bitcoin are still bullish. So, according to experts, it is just a matter of time before the price moves back towards $69,000 or higher, although that time is getting longer and longer.
While some think we can talk about records again by the end of this year, others are more pessimistic. For example, Binance CEO CZ thinks we will have to wait until the new halving in 2024.
Want to stay up to date with 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.”