In this week’s final Bitcoin lunch, we naturally review the live Bitcoin price and the prices of the top 25 crypto. In addition, we analyze a notable change in whale behavior. We also analyze what the correlation with the stock price means for Bitcoin. Finally, we ask where a possible floor price for BTC lies.
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
At the time of writing, we see that the live Bitcoin price is EUR 18,371.42 ($19,400.13). This is 1.68% higher than during our Bitcoin lunch yesterday.
In addition, we see that the prices of the top 25 crypto are also rising rapidly. Currently, in addition to the stable coins, only Avalanche (AVAX) is posting a negative result, although this is negligible at -0.19%. For the rest we see green figures. The largest gains are currently at +9.39% for Polygon (MATIC), which means that this coin could be on its way to a bullish reversal. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the whole weekend.
Bitcoin price rises due to changed behavior of whales
The Bitcoin price is rising due to the behavior of large BTC owners (called whales). In particular, the news that some of the largest whales, MicroStrategy and El Salvador, purchased 480 and 80 BTC, respectively, is leading to optimism.
The Coinbase Premium Index additionally shows that more whales are changing strategies. We see that the propensity to sell is decreasing, but that these big players are buying BTC again instead. As a result, this index became positive again for the first time since April. However, this is not yet a reason to rejoice.
Correlation BTC and stocks hint at end of bear market
Indeed, we see that the correlation between the Bitcoin price and tech stock prices on Nasdaq is still remarkably high. The explanation, according to experts, is that the Bitcoin market is now ruled by whales and institutional investors who consider the risk profile of Bitcoin similar to the risk profile for tech stocks. This would mean that they make the same trade-offs for tech stocks and Bitcoin when making buying and selling decisions. This then immediately explains the strong correlation.
This means that for an end to the bear market, we can follow the Nasdaq as an indicator. Equity analysts expect a strong recovery there as soon as the Fed stops raising interest rates. So with that, the bear market could last for some time.
Where is the BTC bottom price as the recession intensifies?
Of course, even in a bear period, there can be price fluctuations that investors can use to make nice returns. In this regard, an indication of the bottom price could be a welcome help.
Based on analyses, it was calculated that the most likely BTC bottom price is currently $ 15,000. We note immediately that other analysts are less optimistic.
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Want to stay up to date with the latest stock 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.”