It is now lunch time again. We of course look at the live Bitcoin price and the prices of the top 25 crypto coins. Then we look at striking behavior in the oldest BTC wallets, we outline the ultimate worst case scenario and we look at the Bitcoin Elliott Wave analysis.
We will of course start with the live Bitcoin price and the prices of the top 25 crypto coins.
Live Bitcoin price and prices of top 25 crypto coins fall
At the time of writing, the live Bitcoin price is trading at EUR 27,787.19 ($29,154.50). This is 2.35% lower than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto coins are also in a minor position. Apart from a few stable coins and Tron (TRX), which is trading at +1.13%, all prices of the top 25 crypto are negative. The biggest loss is currently at -16.25% for Avalanche (AVAX). On the site of Tradeincrypto.com you can view all the live crypto prices.
Antique Wallets Support Institutional Investors at Bitcoin Bottom
We see that large parties are still getting in under $30,000. On the one hand, this price is expected to offer prospects for future profits. On the other hand, they want to protect the price of Bitcoin against deeper bottoms. Yesterday we saw that private investors are participating less and less.
Another group of investors appears to do so. Data from Santiment shows that the investors of the first hour (the wallets that were created when Satoshi Nakamoto was still active) are now becoming active. Wallets that sometimes had no activity for 10 years are now suddenly active and buy extra Bitcoin. The question is, of course, whether this tactic makes sense.
BTC to 0 euros? An absolute worst case scenario for BTC
There is much speculation about the bottom of the current bull run and the chances of Bitcoin price recovering in the long term. We see that short-term analysts disagree on how deep the current price must fall before the Bitcoin price turns bullish again, but the idea that the Bitcoin price will rise again to record highs in the longer term is widely supported. Now suppose this is not the case and Bitcoin drops to 0. So what happens in this absolute BTC worst case scenario?
First of all, the financial damage to Bitcoin investors will of course be enormous. There are currently more than 19 million BTC mined. Together they represent a value of $557,201,980,000. Assuming that the value does not suddenly become 0, more owners will sell as the price falls, so the impact in money will be slightly smaller.
If the Bitcoin becomes worthless, this will also have consequences for the other crypto. It is likely that many, if not all, crypto will fall in value as well. This naturally creates a problem specifically for the stable coins that have their value linked to the Bitcoin.
Subsequently, these investors will cause further problems. For example, the publicly traded MicroStrategy will have a huge equity gap and will have problems with the collateral for their obligations. This will not do the share price any good. Of course, this also applies to the prices of shares in crypto exchanges (which then become meaningless) and mining companies (because mining is no longer attractive either). This will undoubtedly have a snowball effect and, in addition to financial consequences, will lead to the loss of (tens of thousands) of jobs.
This makes it very important to ensure that the price does not go to 0. It is therefore estimated that only a worldwide ban can drive the price to 0. Due to various factors, but certainly also the impact on other financial sectors and jobs, that chance seems small.
Bitcoin Price Bullish: Elliott Wave Analysis Signals a Leg Down
Although the price is almost certainly not going to 0, a further fall in Bitcoin price in the short term is on the horizon. Yesterday we saw how the US regulators spoiled the sentiment in the crypto market. This also affects the technical trend analyses. Based on the Elloitt Wave Analysis, the price has started a new bearish move. You can see this in the video analysis below.
The Elliott Wave Analysis is a widely used, but also complicated trend analysis to estimate the sentiment for Bitcoin (and other crypto). Our colleagues from Tradeincrypto.com are happy to explain more about the Elloitt Wave Analysis for crypto.
We will of course continue to monitor developments.
Want to stay informed of the latest price developments?
You can always follow the developments yourself with our WANT crypto analyzes or the background articles and previews on the crypto market and Bitcoin. Of course you can also follow the live prices 24 hours a day if you want to stay informed in real time. Are you also interested in other investments in addition to crypto? Then our weekly price forecast on Monday morning may be a reading tip. †Note: We never give financial advice, so you can’t interpret our contributions that way. Always do your own research and make rational decisions about whether, when, in what and how much you want to invest.”
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