Crypto trading continues as usual on Whit Monday. We look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at the weekly and monthly results. Then we analyze why we shouldn’t cheer too early yet. Analysts still foresee a bearish correction. Finally, we look at how insiders see the sweet after the sour in a huge crypto rally. We also share which professional group may have a stake in it.
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 sharply
At the time of writing, the live Bitcoin price is quoting EUR 29,348.10 ($31,445.66). This is 6.16% higher than yesterday at lunchtime and 5.12% higher than during our Bitcoin lunch last Friday.
The prices of the top 25 crypto are also positive. Apart from a few stable coins, we only see green numbers among the top 25 crypto. The biggest gain of the day so far is with +14.54% for Cardano (ADA).
Crypto results: Bitcoin ends dismal record
Of course, this morning’s good numbers have an impact on the week’s results. For example, the Bitcoin (BTC) price rose 6.54% in the past week. This ended its dismal record series with 9 losing weeks in a row.
The weekly results of other crypto from the top 25 also shoot up due to the positive morning. There are still some losers. Solana (SOL) lost the most for the week at 2.26%. The biggest gain of the week was for Cardano (ADA) with +31.78%.
With that, this crypto is also equal proof for the statement that this good week has not yet had a major impact on the monthly results. Despite the good week, Cardano (ADA) lost 19.23% over 30 days. The biggest loss over this period was for Avalanche (AVAX), which lost 52.16%. Only a few stable coins wrote a small plus as a monthly result. Bitcoin (BTC) lost 13% over 30 days.
On the site of Tradeincrypto.com you can analyze all results and live crypto prices 24 hours a day.
Is the Bitcoin price rise a bull trap?
Many analysts are warning against getting too excited about the higher price rise. As we saw last week, they still expect a big price drop for Bitcoin later in the week. There are numerous indicators that point to this. For example, hodlers have started distributing their crypto to exchanges to sell. There is currently more crypto flowing out of the market than coming in.
We also saw that despite the price increase and positive week, there was hardly any increase in activity over the weekend. This suggests that individuals are not getting in at this price level. With this, the scenario of a classic bear market seems to be lurking. One of the steps in such a scenario is for the market to seek a low that is lower than the price over a longer period of time.
Peter Brandt, who built a reputation by predicting the crash after the 20178 records, is one of those who believes in this. He explains that the stock price could fall to $12,000.
Twitter won’t load because you didn’t give permission.
This would be the fourth 80%-plus correction since 2011. It would be the first time a correction goes below the previous high peak (which was about 19,900 in 2017) https://t.co/k1TtSCf7Lz pic.twitter.com/mq97Ebm5Qt
– Peter Brandt (@PeterLBrandt) June 4, 2022
Of course, the question is whether the minimum price anticipated by analysts can stop this storm prematurely. That a storm is coming seems inevitable.
When can we expect the next Bitcoin crash?
Whether this storm begins today we will see when the US market closes its first day of trading. Indeed, analysts see that the price increase is mainly caused by the absence of US investors. The question is whether they will react enthusiastically today and join the bull-rally or opt for security and take their profits.
If the investors go along with the bull scenario today, this seems to be a delay and not a postponement of the expected leg-down. As we can see the market lacks the volume to push further through and break the resistances around $32,000. If that does not change, a bearish breakout from the consolidation zone between $29,000.00 and $31,000.00 seems inevitable. Wednesday and Thursday then become days to be alert given that economic calendar.
After sour comes sweet for BTC
Another group of analysts is already taking the coming bear correction as fact and looking further ahead. Those forecasts still show that in the long run, after the sour of a bear correction, we can expect the sweet of a record rally.
For example, Bloomberg analyst Mik McGlone foresees the Bitcoin price moving towards the $100,000 mark after the next halving and remaining bullish for a long period.
One of the factors that could cause the price to rise after the next half-life, in addition to increasing scarcity, is mass acceptance. The industry that could provide this could well be the insurance industry. Goldman Sachs conducted a large survey of insurers. The conclusions were very bullish. For example, more and more insurers are considering investing a portion of their assets in crypto. They are also planning to allow many more options for paying premiums in crypto once the regulations are implemented. Given its current dominance, Bitcoin will certainly be a candidate for this.
Investing but not (only) in BTC or crypto?
Risk diversification is part of a well thought-out investment strategy. That is why we also like to analyze the prices of other investments, such as (AEX) equities, futures, government bonds, oil, gold and FOREX. In our weekly price forecast we make an estimate of the price of investments in the coming week and we list the main economic agenda items and other fundamental factors. Are you curious about what the coming week will bring for investments? You can read it in our new price forecast on our sister site MANNERS.nl.
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.”