Meanwhile, the US markets have closed again. We take a look at the live Bitcoin price and the prices of the top 25 crypto. What will it take for prices to rise? Is Bitcoin actually still a safe haven from inflation and what do insiders expect? We analyze.
Of course, we first look at the live Bitcoin price and the current prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto coins are falling fast
At the time of writing, the live Bitcoin price is quoting EUR 35,867.06 ($39,407). This is 5.80% lower than during our Bitcoin update yesterday.
Sentiment for the top 25 crypto coins in also mostly negative. Terra (LUNA) is the exception that confirms the rule at +1.43%. The most losses are for wrapped Bitcoin (WBTC) at -6.18%.
What will it take for a Bitcoin bull rally?
We already discussed this afternoon the factors causing the BTC price to fall. On top of that, meanwhile, the European Union announced its inflation figures. These rise by 5.1% to record levels. In addition, interest rates are expected to be raised and support programs reduced from the third quarter. This gives investors a wait-and-see attitude, especially since the Fed’s interest rate decision is expected later this month.
With that, based on technical analysis, the market is simply not strong enough to push the Bitcoin price above the $45,000 consolidation threshold in the near term. Investors are therefore looking for factors that motivate them to take more risk. A de-escalation of the situation in Ukraine or fewer concerns about interest rates and inflation could help.
Is Bitcoin actually still a safe haven for inflation?
The fact that rising inflation is playing a role in investors’ decision to invest less enthusiastically in Bitcoin (and other crypto) sounds strange. Wasn’t Bitcoin precisely a safe haven as a protection against inflation?
Indeed, many investors have that thought and it still appears to be true. In America, the 7.9% inflation rate in February was the highest in 40 years, but Bitcoin inflation remained in line with expectations at 1.7%. This makes BTC inflation 5x lower than that of the dollar. Evidently, the other factors that now dominate the market outweigh inflation protection.
BTC long-term outlook remains bullish
Despite the highly volatile prices and consolidating price movement, long-term Bitcoin price expectations remain bullish. For example, Credit Suisse expects money as we know it to change dramatically due to the war in Ukraine. In a new money system, the Bitcoin and crypto market will be able to play a leading role, according to their shocking prediction.
Apple founder Steve Wozniak is also positive about the Bitcoin exchange rate in the long run. In Steve-o’s podcast, who is still best known to many people as the vomiting stuntman from Jackass, the Apple founder still appeared bullish. With the clearly mature Stephen Gilchrist Glover (as Steve-O is really called), Wozniak points out the market. You can watch the entire podcast below.
Needless to say, we are very curious to see if Wozniak’s predictions come true and will certainly report back on when Bitcoin hits the $100,000 mark.
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. 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.”
