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Bitcoin update: Bitcoin and crypto price falls, 62% rise? EU sows panic

Meanwhile, the US markets have closed. We look at the live Bitcoin price and the prices of the top 25 crypto. In addition, we look at bullish signals indicating a rise in the BTC price of up to 62%. In addition, we see how the EU is unfairly creating panic.

Of course, we first look at the live Bitcoin price and the prices of the top 25 crypto.

Bitcoin price falls, but sentiment top 25 crypto more negative

At the time of writing, the live Bitcoin price is quoting EUR 36,981.85 ($41,930.76). This is down 1.54% and also down from the price at the time of our crypto update this afternoon.

The rest of the crypto market is also in a downturn. If we look at the top 25 crypto we do see some green numbers, but not one crypto coin rises above 1%. In doing so, the majority of crypto currencies record a loss. The biggest loss is for Cardano (ADA), which lost 9.67% in the last 24 hours. On the site of Tradeincrypto.com you can of course analyze all live crypto prices 24 hours a day.

Will Bitcoin price rise 68%?

Despite the fact that the live Bitcoin price seems to be mostly consolidating lately, analysts are seeing more and more bullish signals indicating a quick turnaround of the BTC price. For example, Belgian analyst BTCfuel signals a 4-wave pattern. According to his analyses, Bitcoin is now moving again in accordance with these waves. He therefore expects a long bull wave that could last until 2023, with a price above $100,000 not inconceivable. You can see his analysis below.

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#Bitcoin has a 4 waves pattern that happens every cycle. These 4 waves are demand waves and happen when a lot of money flows into Bitcoin in a short timeframe. The 4 waves are clearly visible in the Realize Cap HODL Waves indicator pic.twitter.com/GnGHn4bg5G

– BTCfuel (@BTCfuel) January 16, 2022

Other analysts draw a comparison with the situation at the end of September 2021. At that time, the Bitcoin traded consolidating for 11 days and the price was 36% below the top of $64,900 that was reached on April 14, 2021. Currently, the price of the BTC has been below $45,000 for 14 days, some 40% below the current record price of $69,000. In early October, the mood turned and the price of Bitcoin rose 62%. The question, of course, is whether this can happen again now.

To assess this, it is good to take a look at the options market. When there is more than 8% premium to be paid for 3-month options, investors see this as a bullish signal. This becomes even stronger when the premium exceeds 15%. On the other hand, premiums up to 5% are seen as bearish and premiums between 5% and 8% as slightly negative.

As we see in this comparison, the options market is moving similarly to September 2021. Of course, analysts hope that the outcome of this movement will be another 62% Bitcoin price increase. In addition to analyzing Bitcoin options, it is also possible to trade Bitcoin options directly. Our colleagues at Tradeincrypto.com explain more about this when introducing Huobi.

European Union sows panic over crypto mining

You may have already read in other media that the European Union is going to make a proposal to ban crypto mining (especially Bitcoin as the largest crypto currency) for environmental and climate reasons. According to many media outlets, this was a negative signal for Bitcoin. I venture to doubt this.

Of course, one can question whether such a European ban is useful. After all, if mining is no longer possible in Europe, people will move production capacity to other countries, just as they did when China banned mining. There is also the question of how big the impact of such a ban would be. We take Bitcoin as a starting point.

If we look at the list of countries where most Bitcoin is mined we see 2 European countries in the top 10. These are Germany (with about 5.4%%) and Ireland (with about 5.62%). In addition, we see another 10.69% listed as ‘other’. A percentage of this can also be attributed to European countries, although there is also significant mining in South American countries such as El Salvador. If we do the math, about 15% of all Bitcoin mining takes place in Europe.

Fortunately, in the same statistical overview we also see the percentage of mining in China before the ban became active there. This was 41.12% in the last month. The percentages for Germany and Ireland were then about 2% lower. We now know that in a short period of time and without much difficulty it has been possible to move mining capacity out of China. So if the industry can do this with more than 40% of its production, the European Union’s argument seems to be mainly an argument for the stage. So this discussion will undoubtedly be continued, but does not seem threatening to Bitcoin.

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 price forecast might be a reading tip.

Note: We never give financial advice, so our contributions should not be interpreted as such. Always do your own research and decide rationally if, when, what and how much you want to invest in.