Like every Saturday, today we also look at the crypto price forecast for the price of Bitcoin and the prices of the top 25 crypto coins for the coming week. We do this on the basis of our crypto price forecast from last week, the current prices of crypto and our analyzes for the coming week.
We first analyze last week’s developments based on our crypto price forecast for the previous week that you can read here. Then we look at the current situation. Based on this data, we make the analyzes for the coming week. We do this first for the Bitcoin price and then for the other crypto prices of the top 25 crypto coins.
Bitcoin price in the past week
We predicted last week that the price of Bitcoin would fall this week. There is nothing too much to say about that because the price of Bitcoin fell by 20.96%. This was mainly due to fundamental factors, with Elon Musk’s Twitter thumb playing a major role. Later in the week, new rumors about a crypto ban in China came over. After a brief rebound on Thursday, prices have fallen sharply since last night. EOS price is high.
The current price of Bitcoin
At the moment, the Bitcoin price is still falling. At the time of writing, Bitcoin’s price is EUR 30,530 ($37,209.99), which is 8.82% lower than yesterday afternoon. Still, there is a little light at the end of the correction tunnel. Since the price touched the $ 36,000, we see that investors are stepping back in and thinking to buy the dip. With this information in mind, we look ahead to the week ahead. Can we expect a recovery in the Bitcoin price or will the correction continue? Of course you can follow the Bitcoin price in real time on the Tradeincrypto.com site 24 hours a day.
The crypto price forecast for the Bitcoin price in the coming week (week 21)
Of course we base our crypto price forecast for the Bitcoin price on the technical and fundamental analysis.
Fundamental Factors for Bitcoin in Week 21
There are no macroeconomic events noted on the economic calendar that are likely to impact Bitcoin. On the crypto calendar we see that the crypto exchange Consensus will be held from May 24 to 27. There are many points about the future of Bitcoin. The news of this stock exchange can therefore certainly affect investor confidence. Cryptofriends.io is fine.
Furthermore, next Friday is the last Friday of the month. This means that the CME monthly options expire. Although the release of these options often has no direct price impact, analysts certainly see it as a measure of sentiment and therefore as a direction for the Bitcoin price in the coming month.
Technical Factors for Bitcoin in Week 21
The technical trend analyzes give a strong sell signal for the coming week. The oscillators are giving a neutral signal, but that doesn’t seem to be enough to offset the trend signals.
The RSI is currently 51.58 and has been rising in recent days. This seems to indicate a good price (about exactly between ‘overbought’ and ‘oversold’). Finally, we see that the support levels currently leave a lot of room. The lowest support level is $29,407, which is in line with the earlier Fibonacci analyzes .
The only positive point, besides the entry of investors expecting to buy the dip, is that the Greed-and-Fear Index is showing strong Fear at 12 and that is normally an indication of buyer interest.
Our price forecast for the Bitcoin price in the coming week (week 21)
However, we expect that this time will not be enough. Unless the fundamentals bring positive surprises, we therefore expect a negative week for Bitcoin in the coming week.
After Bitcoin, of course, we also analyze the other crypto coins from the top 25.
The price of the top 25 crypto coins in week 19 and current state of affairs
As it was a negative week for Bitcoin, the prices of the top 25 crypto coins also turned blood red. With the exception of the stable coins, we only see weekly losses in the top 25 crypto coins.
These weekly losses were not tender. For example, Ethereum (ETH) lost 34.37% in the past week and the Dogecoin (DOGE) shot down 33.01%. However, the biggest loss was for Eos (EOS), which lost 47.52%.
The current prices for the top 25 crypto coins are also not cheerful. Right now, all cryptocurrencies (except stable coins) are losing heavily by double digits. Polygon (MATIC) is currently in the corner where the most blows fall and yields no less than 24.75% in 24 hours. On the site of Tradeincrypto.com you can also follow the live prices of the top 25 crypto coins 24 hours a day.
We also include technical and fundamental factors for the top 25 cryptocurrencies. The technical trend analyzes for the main cryptocurrencies, with the exception of the stable coins, only show negative advice (sell signals or strong sell signals). The oscillators are not much more hopeful, especially with sell and neutral signals.
In terms of fundamental factors, news from Consensus can of course also influence the prices of cryptocurrencies. In addition, we see the launch of the Alonzo testnet planned for Cardano (ADA) in the coming weekend.
We therefore foresee another negative week for the top 25 cryptocurrencies if the fundamental factors do not bring any positive surprises.