Bitcoin
BTC$70 763.94

0.94%

Ethereum
ETH$3 586.03

0.18%

Tether
USDT$0.999584

-0.04%

Binance Coin
BNB$585.91

1.33%

Solana
SOL$186.13

-0.14%

XRP
XRP$0.620961

0.34%

Has Bitcoin reached the bottom?


16 May 2022

#Bitcoin

Bitcoin is down 9.4% over the past week, ending at around $31,000. Ethereum lost 16.1%, while other leading altcoins in the top 10 fell from 13.9% (Binance Coin) to 25.4% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, sank 15% over the week to $1.30 trillion. The bitcoin dominance index jumped 2.9 points to 44.4% over the same period due to a sharp weakening of altcoins.

The cryptocurrency fear and greed index fell 8 points in the week to 10 and continues to be in "extreme fear". By Monday, the index had climbed to 14 points, thanks to the cryptocurrency market's retreat from local lows at the end of last week. Bitcoin has declined for six weeks in a row, along with stock indices.

A prolonged one-way move in Bitcoin was last seen in late 2018 when the first cryptocurrency hit a cyclical bottom. That was followed by many more months of sluggish momentum, so investors have an essential question: choose a low point to buy or join the move when it is certain. Prudence suggests that it is less risky to follow the second strategy.

Has Bitcoin reached the bottom?

Last week's decline intensified after breaking through last year's lows near $30,000, becoming the most significant weekly drop since January. The story of the Terra (LUNA) crash and the TerraUSD stablecoin project added to the negativity on the crypto market, hitting all altcoins hard. According to Global Macro Investor CEO Raul Pal, May and June will be the most worrying months, so a new wave of sell-offs in the crypto market is inevitable.

Legendary investor Bill Miller said he sold some of his BTC holdings. Although bitcoin may continue to decline in the short term and even drop by half from current levels, Miller looks at bitcoin positively and expects it to grow over a long time. Robert Kiyosaki, the world-famous author of the bestselling book Rich Daddy, Poor Daddy, is looking to buy bitcoin once it tests the 'bottom' at $17,000. The businessman has once again expressed distrust of the US government.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.4% 44 $70 763.94 0.94% 5.67% $1 391 680 352 568 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 48 $3 586.03 0.18% 1.28% $430 580 741 085 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999584 -0.04% -0.13% $104 410 732 247 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 63.2% 80 $585.91 1.33% 3.31% $87 615 357 146 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 57.2% 89 $186.13 -0.14% -1.60% $82 695 918 849 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 84% 31 $0.620961 0.34% 0.45% $34 080 959 818 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000145 0.02% -0.06% $32 217 331 035 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 68 $0.214916 17.22% 41.76% $30 873 006 808 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.2% 67 $0.650162 -0.02% 2.32% $23 133 135 789 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 56% 88 $54.19 -1.63% -1.34% $20 453 673 102 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000032 6.05% 19.52% $19 062 259 223 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 60.4% 88 $4.90 -1.12% 18.21% $17 002 061 565 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 70.4% 52 $9.54 -0.07% 1.08% $13 618 683 187 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 74.4% 42 $19.56 -0.52% 6.75% $11 482 801 678 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 70% 60 $567.19 15.24% 31.96% $11 163 033 918 BCH 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.