By now it’s lunchtime again, so we take a look at the live Bitcoin price and the prices of the top 25 crypto. Then we analyze whether a breakout is imminent. We also look at why we might be able to expect the first BTC ETF. Finally, we share long-term prospects for Bitcoin.
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 flat
At the time of writing, the live Bitcoin price is quoting EUR 28,511.09 ($30,561.01). This is 0.51% higher than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also remarkably flat, although there are some positive outliers. The biggest gain of the day so far is for ChainLink (LINK), which is up +8.19%. This has everything to do with the introduction of strike, which we discussed yesterday. There are few negative numbers to be seen. The biggest loss is currently for Near Protocol (NEAR) at -0.81%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Bitcoin price remains flat, is a breakout imminent?
Despite some price fluctuations, we see that Bitcoin continues to move between $29,000 and $31,000. As we now know, the longer the price moves horizontally (consolidates), the greater the chance of a breakout. We currently see resistances around $30,850 and $31,250. A breakout above $ 31,250 gives room for bullish recovery.
If the resistance above $ 31,250 is not broken soon, a bearish correction is assumed. With that, eyes will then turn to the support levels at $29,850 and $29,500. If this support level is broken, a bearish breakout is expected, with the next support level at $28,500 becoming crucial to see how strong this bearish streak will become.
Bullish Bitcoin factors indicate bull run
When looking at which way a BTC breakout could go, there is still the expectation that we will see a price drop first. However, there are bullish factors that are increasing the likelihood of a quick bullish recovery. For example, we saw an accumulation record and the first Bitcoin ETF seems to be coming.
Bitcoin accumulation to record
On-chain data shows that more and more Bitcoin owners are holding on to and even expanding their BTC holdings. The number of addresses accumulating rose above 600,000 for the first time. 61% of BTC investors have held the crypto for more than a year and another 33% have held it between 1 and 12 months.
This means that despite last year’s peak and price record, by far the largest group of investors are confident of price increases beyond that record. This, according to analysts, sets the stage for an unprecedented bull rally.
One of the ways such a rally can start is a bull event. That bull event could be coming with approval of the first Bitcoin ETF.
Grayscale goes all in for first BTC ETF
Last year, the SEC approved the first ETF for Bitcoin futures. At the time, our colleagues at Tradeincrypto.com explained what an ETF is and why it is so important for Bitcoin. They also explained then that the SEC is not positive about a Bitcoin spot ETF. Since then, there have been several applications to the SEC to approve such an ETF, but they were rejected.
The well-known asset manager Grayscale has now filed a new application for a Bitcoin ETF. Due to the new crypto-regulation, this application seems more promising than previous applications. In addition, the SEC has received many statements of support from the market with investors pushing for approval of the spot ETF.
In addition, Grayscale has begun a publicity offensive. They explain that failure to approve their application could be grounds for legal action against the SEC. They argue that the market for BTC futures and ETFs based on futures is no different than the spot market ETF. To show that these are not empty threats, Grayscale has now hired a top consultant and lawyer. He has long worked for the U.S. government. Analysts thus see the pressure on the SEC increasing. The scheduled date for a decision on a BTC spot ETF is July 6, so that could be a historic day.
Jan van Eck, Van Eck investments, sees Bitcoin price to $250,000, but…
In addition to Grayscale, Van Eck is a major Bitcoin investor. In an extensive interview with Barron’s magazine, Jan van Eck, son of the founder, explains his views and the company’s vision for investments such as gold and Bitcoin.
The main conclusion is that he foresees that Bitcoin has a lot of bullish potential. For example, he considers a price of $250,000 certainly possible. On a side note, he expects that it may take a long time (perhaps ten years) before this price is reached. You can read the entire interview with Jan van Eck here.
Want to stay informed about 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.”