We are serving a tasty Bitcoin lunch today, because when we look at the live Bitcoin price and the prices of the top 25 crypto we see rising prices. In addition, we look at various indicators, possible mass adoption and the short and long term price outlook.
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
The live Bitcoin price at the time of writing is EUR 37,863.54 ($41,173.48). This is 2.77% higher than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also rising. Besides the stable coins, only Dogecoin (DOGE) and Polygon (MATIC) write a loss, but with -0.64% and -0.78% respectively, the damage is manageable. The biggest gain of the day so far is for Bitcoin Cash (BCH) with + 11.72%. On the Tradeincrypto.com site you can view all live crypto prices 24 hours a day.
Will Brazil accept Bitcoin as a legitimate means of payment?
In Brazil, the Bitcoin law will go to a vote in the Senate next Tuesday (April 19). This law will give Bitcoin a place in the financial system. This aims to protect the economy and investors.
In doing so, the process resembles the recognition of Bitcoin as legal tender as happened in El Salvador, but technically this is not the case. The recognition of the law would allow President Bolsonaro to establish a regulatory authority and implement rules for Bitcoin and crypto investments.
Incidentally, possible Senate approval is not the final step in the Bitcoin law’s approval. If the Senate approves (and that is expected) the law will still go past the Chamber of Deputies and – if approved by this chamber – to President Bolsonaro for final approval.
The fact is that a legal status for Bitcoin would encourage its use in Brazil. With over 212 million inhabitants, this would be a substantial step towards mass adoption and thus price appreciation.
More technical indicators bullish on BTC
We have been seeing many bullish factors for Bitcoin lately. Now we are adding 3 more factors.
First of all, we see that the RSI and MACD indicators indicate the level “extremely oversold. With that, these indicators say that the price of Bitcoin is actually too cheap.
In addition, we see that more and more investors are taking their BTC off the exchange to wait for price increases. There were only 3 previous times when so much Bitcoin flowed out of the market. All three times this was followed by price increases, as you can see in this chart.
Bitcoin short and long term price forecast
First of all, there is a fundamental factor that will affect the short-term price expectation. This is because later this afternoon, the FED will announce its new interest rate decision and explanation of monetary policy. This is important for investors because it will give them insight into how the Fed is dealing with inflation and the winding down of the COVID-19 support program. Given the current recovery, the crypto market seems positive about this, but the past shows that a hefty reaction can follow if investors are surprised.
Parking this factor for a moment, we see that the Bitcoin price has done itself a favor by staying above $41,000 due to the price increases. This leaves the way open to the next two resistances at $42,250 (the 0.382 FIB retranchement level). If successful, the bullish wave is confirmed and further growth is in store.
The next resistance can then be found at the level of the 200-day moving average (around $48,000.00), after which, according to Fibonacci analysis, a further rise to $50,000.00 to $51,000.00 is in store.
As we saw yesterday, if the BTC is unable to break through the resistance at $ 42,250, support can be found first at the psychological level of $ 40,000 and then at the whale buy zone of $ 38,000. If both these support levels are broken, a sharp price decline towards $30,000 or even lower can follow in the short term.
To be on the safe side we would therefore anticipate trading in an uncertain market, where of course there is also money to be made.
Will Bitcoin go to $100,000 this year?
For the long term, investors remain unusually positive about the Bitcoin exchange rate. For example, Antoni Trenchev, CEO of crypto lending platform Nexo thinks that the price could rise to $100,000 within a year.
In doing so, he assumes that the Fed will not intervene too much to prevent a crash in stock prices. He also assumes that investors will be able to see through any price drop due to the correlation with equities. We are a little less optimistic for now. Let’s first see when Bitcoin substantiates the technical indicators in the short term. We will, of course, continue to follow this.
Staying 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.”