By now the US markets have closed. Now that the weekend has started in America as well, we look at the live Bitcoin price and the prices of the top 25 crypto currencies. Then we look at signals that indicate the price of Bitcoin. Finally, we look at whether the BTC could become the new dollar.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price rises in positive market, price top 25 crypto coins too
At the time of writing, the live Bitcoin price is EUR 37,931.69 ($41,732.84). This is 1.84% higher than when the US market closed last night and also higher than during our Bitcoin update the night before last.
The prices of the top 25 crypto coins are also generally rising. There are some exceptions though. In addition to the stable coins, Terra (LUNA) is down 0.73%. However, most prices are positive. The biggest gain of the day is for Avalanche (AVAX), which is up +7.31%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the whole weekend.
Bitcoin rising, but indicators point to bear market
The rising price of Bitcoin is obviously good news for investors. They are quick to ask whether this is the beginning of a further bull trend. Technical signals give a negative answer.
Bitcoin halving cycle foresees bear market
First, there is the cycle after each Bitcoin halving. According to this cycle, Bitcoin reaches a price record in the fourth quarter of the year after the halving, and then a longer bear phase breaks out in the first or second quarter after that. When we look at these historical cycles, we see that this pattern is also occurring now. Last year we had a price record in the fourth quarter, after which we see price declines this year.
What is striking, however, is that the rises and falls are less sharp than in previous halves. In this sense, we can conclude that Bitcoin is becoming less volatile when we look at the longer-term price development.
Google and derivatives market confirm bear expectation BTC
If we want to estimate the expected Bitcoin price in the short term we can look at several indicators. For example, search trends at Google are a good indicator to see if private investors are showing much interest in BTC. However, the search trends show that despite high inflation and political uncertainty, no trend in search terms about investing in Bitcoin can be detected.
Another question is what investors are doing in the options and futures market, the so-called derivatives markets. Here, too, we see that they are speculating on a price drop. For example, the Huobi top trader ratio dropped from 1.10 to 1.06. Huobi is a leading crypto exchange for trading derivatives. You can read more about their policies and attractive bonuses in the Huobi introduction provided by our colleagues at Tradeincrypto.com.
Bitcoin price forecast in the short term
With no reason to expect a structural Bitcoin breakout, the price remains trapped in the triangle pattern it has been in for some time. In this, the lower limit lies at $38,000 and the upper limit at $43,600.
This BTC does not make a fan happy
Finally, a little tragi-comedy for the weekend. Tom Brady is an NFL legend. He is now 44 years old and consequently announced his retirement. This prompted him to put his NFL Football with which he scored his last touchdown up for auction…. This auction raised $518,000 as this soot of special memorabilia is highly sought after.
The buyer couldn’t believe his luck… until Brady announced a few hours after the winning bid that he will be adding another season after all. This makes the football not a “last touchdown” ball, but a “regular” touchdown football and those are less unique and therefore much less valuable.
As far as we know now, the auction house is holding the bidder to his offer and apparently Brady thought this was a little too shabby after all. He is now offering one BTC. Not to the bidder, but to a charity that the unlucky bidder can choose. Very noble, but whether the bidder feels the same way….
We wish you a good weekend and will of course be back on Monday with the latest crypton news, live quotes and weekly results. Your crypto lunch is best eaten at WANT.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.”
