Today we see how the live Bitcoin (BTC) price and prices of the top 25 crypto are rising. Then we see how the whales are behaving and why JP Morgan is sounding the alarm. Finally, we take a look at the key prices in the short term.
We start of course with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and prices top 25 crypto rise
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 20,557.05 ($20,484.12). This is 3.40% higher than yesterday around the same time.
The recovery of the prices of the other top 25 crypto also continues. We see a lot of green numbers, including several doubles. The biggest gain is currently at +14.12% for Cosmos Hub (ATOM). On the Tradeincrypto.com site you can analyze all live crypto prices 24 hours a day.
Bitcoin (Image: Pexels / Alesia Kozik)
Bitcoin whales are accumulating, what does this mean
Yesterday we saw some sleeping whales come to life and move large amounts of BTC. We see these movements today as well, but there is also another trend going on. In fact, from Santiment data, we see that many whales have actually strengthened their BTC holdings over the past month. As a result, the number of whales is growing. At first glance, analysts quickly conclude an upcoming price increase due to increasing scarcity, but unfortunately this does not seem to be the case this time.
We see that the number of active addresses on the BTC network has dropped by a whopping 81% in 30 days. We also see that there is little social activity. This means that the coin is not very popular as a topic of conversation on social media and that too is a bearish indicator.
With that, the new whales seem to be mainly speculating on a “supply chock” (where the price of BTC is driven up because exchanges have less Bitcoin in stock) and longer-term returns. This is almost necessary, as the bearish noises in the market are almost deafening at the moment.
JP Morgan: sell BTC and other crypto, cryptowinter is coming
In an advisory to its clients, JP Morgan, for example, issued a sell recommendation for Bitcoin and other crypto. In short, it comes down to the fact that based on the speech of FED Chairman Powell, they expect a difficult economic period in the next year and a half. Therefore, for the time being, they recommend considering less risky investments.
In addition, it is believed that the regulatory environment is not yet mature. Partly as a result, they believe there are too many worthless crypto in the market. The cooling period would be an ideal time to tighten regulations so that the wheat can be separated from the chaff. If the time is ripe again in 1.5 years (as they now estimate), one can invest cheaply in a better regulated and cleaned market.
The bitcoin. (Image: Andre Francois Mckenzie/Unsplash)
By the way, the 1.5 year time frame is very obvious since we will be approaching the next BTC halving.
JP Morgan is not alone in this thought. Other analysts also assume that the crypto winter has yet to begin. They expect further price declines in the 3rd and 4th quarters of this year, with the Bitcoin (BTC) even dropping towards $10,000, according to them.
These expectations are based on the ‘BTC halving cycles theory’. However, we hold 2 strikes against this theory. On the one hand, we see that this theory was undermined by the BTC price earlier this year. On the other hand, there are many more institutional investors in the market now than during the periods prior to earlier halving. They have more power and also a greater economic interest to shore up any price fall with support purchases.
These are the Bitcoin (BTC) price key quotes in the short term
Looking at the short-term analyses, the Bitcoin (BTC) price remains locked in. Attempts to break through $20,400 do not seem structural at the moment. In addition, there is still strong resistance around $ 20,500. This limits the room for price increases.
Crypto (Image: Pexels / Karolina Grabowska)
On the other hand, we see that there are support levels at $20,000, $19,850 and $19,525. Thus, there is also limited room for price declines. With this, the expectation is that the Bitcoin (BTC) price will consolidate in the absence of news affecting the prices.
Want to stay 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. So it could be an exciting afternoon.
Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide rationally if, when, what and how much you want to invest in.