October 16, 2021

A Crypto Investor

Just another Crypto Guys Blog

Price analysis 5/17: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

Bitcoin (BTC) plummeted to an intraday low near $42,000 today, dropping 35% from its all-time high at $64,849.27. Over the weekend the selling intensified as news that Tesla may have sold its Bitcoin holdings made waves, and even after this was proven to be untrue, Bitcoin’s market dominance had still been pulled down to a three-year low below 40%. 

While this decline in Bitcoin may have scared new investors, stock-to-flow creator PlanB said the performance of the current bull phase is still better than the 2017 bull run. PlanB also warned investors to expect several 30% dips during Bitcoin’s climb to a new all-time high.

Daily cryptocurrency market performance. Source: Coin360

Although the long-term story remains intact, the sharp bearish moves in Bitcoin on every minor negative news tidbit suggest nervousness among investors. The lack of a sharp recovery even after Elon Musk’s clarification that “Tesla has not sold any Bitcoin” suggests investors are not buying aggressively on positive news.

Will Bitcoin’s weakness stall the altcoin season or is Bitcoin getting ready for a sharp relief rally? Let’s analyze the charts of the top-10 cryptocurrencies to find out.